Chardan Capital Forecasts Strong Price Appreciation for Solid Biosciences (NASDAQ:SLDB) Stock

Solid Biosciences (NASDAQ:SLDB) had its price target increased by research analysts at Chardan Capital from $15.00 to $16.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Chardan Capital’s price objective would suggest a potential upside of 166.67% from the stock’s current price.

Several other research analysts have also issued reports on SLDB. Wedbush initiated coverage on shares of Solid Biosciences in a research report on Friday, December 13th. They issued an “outperform” rating and a $16.00 target price for the company. Citizens Jmp upgraded shares of Solid Biosciences to a “strong-buy” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. cut their target price on shares of Solid Biosciences from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. HC Wainwright reiterated a “buy” rating and issued a $16.00 target price on shares of Solid Biosciences in a research report on Friday, January 10th. Finally, Truist Financial initiated coverage on shares of Solid Biosciences in a research report on Wednesday, January 8th. They issued a “buy” rating and a $16.00 target price for the company. Nine research analysts have rated the stock with a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, Solid Biosciences presently has an average rating of “Buy” and an average target price of $15.40.

Solid Biosciences Price Performance

SLDB opened at $6.00 on Wednesday. The company has a fifty day moving average price of $3.81 and a 200-day moving average price of $5.78. The firm has a market capitalization of $239.73 million, a P/E ratio of -1.97 and a beta of 2.01. Solid Biosciences has a one year low of $2.88 and a one year high of $15.05.

Insider Activity

In other news, CEO Alexander Cumbo sold 11,114 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $5.60, for a total transaction of $62,238.40. Following the completion of the transaction, the chief executive officer now directly owns 38,484 shares of the company’s stock, valued at approximately $215,510.40. This represents a 22.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jessie Hanrahan sold 4,610 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $5.60, for a total transaction of $25,816.00. Following the transaction, the insider now directly owns 14,235 shares of the company’s stock, valued at approximately $79,716. This trade represents a 24.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,069 shares of company stock valued at $137,301. Insiders own 13.63% of the company’s stock.

Hedge Funds Weigh In On Solid Biosciences

A number of institutional investors have recently bought and sold shares of the stock. Vestal Point Capital LP increased its stake in shares of Solid Biosciences by 1.8% during the fourth quarter. Vestal Point Capital LP now owns 2,850,000 shares of the company’s stock valued at $11,400,000 after purchasing an additional 50,000 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Solid Biosciences by 9,393.8% during the fourth quarter. JPMorgan Chase & Co. now owns 955,932 shares of the company’s stock valued at $3,824,000 after purchasing an additional 945,863 shares in the last quarter. Redmile Group LLC bought a new position in shares of Solid Biosciences during the fourth quarter valued at approximately $2,461,000. Geode Capital Management LLC increased its stake in shares of Solid Biosciences by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 509,802 shares of the company’s stock valued at $2,040,000 after purchasing an additional 4,932 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in shares of Solid Biosciences by 292.8% during the third quarter. Point72 Asset Management L.P. now owns 443,010 shares of the company’s stock valued at $3,088,000 after purchasing an additional 330,234 shares in the last quarter. 81.46% of the stock is owned by institutional investors.

Solid Biosciences Company Profile

Solid Biosciences Inc, a life science company, develops therapies for neuromuscular and cardiac diseases in the United States. The company's lead product candidate is SGT-003, a gene transfer candidate for the treatment of Duchenne muscular dystrophy; and SGT-501 to treat Catecholaminergic polymorphic ventricular tachycardia.