Solid Biosciences (NASDAQ:SLDB) Shares Down 3.9% – Should You Sell?

Solid Biosciences Inc. (NASDAQ:SLDB)’s stock price traded down 3.9% during mid-day trading on Monday . The company traded as low as $7.72 and last traded at $7.7050. 239,255 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 1,286,084 shares. The stock had previously closed at $8.02.

Analysts Set New Price Targets

A number of research firms have recently commented on SLDB. Wedbush reiterated an “outperform” rating and set a $14.00 target price on shares of Solid Biosciences in a research report on Wednesday, March 11th. Chardan Capital reaffirmed a “buy” rating and set a $15.00 price target on shares of Solid Biosciences in a research note on Friday, March 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research report on Thursday, January 22nd. HC Wainwright reissued a “buy” rating and issued a $20.00 price objective on shares of Solid Biosciences in a research note on Monday, March 23rd. Finally, Citigroup restated a “market outperform” rating on shares of Solid Biosciences in a report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.09.

Solid Biosciences Stock Down 1.9%

The firm has a market cap of $809.75 million, a PE ratio of -4.07 and a beta of 2.58. The business has a 50 day simple moving average of $6.92 and a two-hundred day simple moving average of $6.04.

Solid Biosciences (NASDAQ:SLDB) last posted its quarterly earnings results on Thursday, March 19th. The company reported ($0.50) EPS for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.01. Equities analysts forecast that Solid Biosciences Inc. will post -2.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO David T. Howton sold 37,771 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $6.44, for a total transaction of $243,245.24. Following the transaction, the chief operating officer directly owned 116,753 shares of the company’s stock, valued at approximately $751,889.32. This trade represents a 24.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jessie Hanrahan sold 26,535 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $6.44, for a total value of $170,885.40. Following the completion of the sale, the insider owned 82,675 shares of the company’s stock, valued at $532,427. The trade was a 24.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 590,915 shares of company stock worth $3,780,768. 13.63% of the stock is owned by company insiders.

Hedge Funds Weigh In On Solid Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the company. Siren L.L.C. increased its stake in shares of Solid Biosciences by 3.7% during the fourth quarter. Siren L.L.C. now owns 7,690,405 shares of the company’s stock valued at $43,374,000 after buying an additional 274,500 shares during the period. Vestal Point Capital LP lifted its position in shares of Solid Biosciences by 95.5% in the 4th quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock worth $32,797,000 after purchasing an additional 2,840,000 shares during the period. Armistice Capital LLC lifted its position in shares of Solid Biosciences by 179.1% in the 4th quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock worth $14,732,000 after purchasing an additional 1,676,000 shares during the period. Nantahala Capital Management LLC boosted its stake in shares of Solid Biosciences by 505.4% during the second quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock valued at $8,295,000 after purchasing an additional 1,421,968 shares in the last quarter. Finally, Alyeska Investment Group L.P. increased its holdings in Solid Biosciences by 2.6% during the third quarter. Alyeska Investment Group L.P. now owns 1,682,805 shares of the company’s stock valued at $10,383,000 after buying an additional 41,984 shares during the period. Institutional investors own 81.46% of the company’s stock.

Solid Biosciences Company Profile

Solid Biosciences Inc is a clinical‐stage biotechnology company focused on the development of therapies for Duchenne muscular dystrophy (DMD), a rare genetic disorder characterized by progressive muscle degeneration. The company’s primary approach centers on gene replacement and gene editing technologies designed to restore functional dystrophin protein in patients lacking this critical muscle‐stabilizing protein.

Solid’s lead investigational therapy, SGT‐001, is a micro‐dystrophin gene therapy candidate engineered to deliver a shortened but functional form of the dystrophin gene using an adeno‐associated virus (AAV) vector.