Needham & Company LLC Reaffirms Buy Rating for Solid Biosciences (NASDAQ:SLDB)

Solid Biosciences (NASDAQ:SLDB)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a report issued on Monday,Benzinga reports. They currently have a $16.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 138.63% from the company’s current price.

A number of other brokerages have also issued reports on SLDB. Wall Street Zen downgraded shares of Solid Biosciences from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Chardan Capital reaffirmed a “buy” rating and set a $15.00 target price on shares of Solid Biosciences in a research note on Tuesday, November 4th. Barclays set a $9.00 target price on shares of Solid Biosciences and gave the company an “overweight” rating in a research report on Tuesday, November 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Biosciences in a research note on Thursday, January 22nd. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Solid Biosciences in a research note on Wednesday, December 17th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.70.

Solid Biosciences Stock Performance

SLDB stock traded up $0.19 during trading on Monday, hitting $6.71. 1,035,329 shares of the company’s stock traded hands, compared to its average volume of 1,096,379. The business has a fifty day simple moving average of $5.84 and a 200 day simple moving average of $5.71. Solid Biosciences has a 52 week low of $2.41 and a 52 week high of $7.37. The stock has a market capitalization of $522.39 million, a price-to-earnings ratio of -2.68 and a beta of 2.67.

Insider Activity

In other Solid Biosciences news, insider Gabriel Brooks sold 28,335 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $6.44, for a total transaction of $182,477.40. Following the sale, the insider directly owned 96,708 shares of the company’s stock, valued at $622,799.52. This trade represents a 22.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jessie Hanrahan sold 26,535 shares of Solid Biosciences stock in a transaction dated 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. This trade represents a 24.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 580,671 shares of company stock valued at $3,701,324 in the last 90 days. Insiders own 13.63% of the company’s stock.

Institutional Trading of Solid Biosciences

Several institutional investors have recently added to or reduced their stakes in SLDB. Vestal Point Capital LP grew its position in Solid Biosciences by 97.7% in the 3rd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the company’s stock valued at $18,356,000 after buying an additional 1,470,000 shares in the last quarter. Nantahala Capital Management LLC increased its stake in Solid Biosciences by 505.4% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock valued at $8,295,000 after buying an additional 1,421,968 shares during the period. Geode Capital Management LLC grew its holdings in shares of Solid Biosciences by 184.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,510,153 shares of the company’s stock valued at $7,356,000 after acquiring an additional 979,294 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Solid Biosciences by 2,150.4% in the second quarter. Bank of America Corp DE now owns 824,600 shares of the company’s stock worth $4,016,000 after acquiring an additional 787,957 shares during the last quarter. Finally, Woodline Partners LP purchased a new stake in shares of Solid Biosciences during the first quarter worth $2,338,000. 81.46% of the stock is owned by institutional investors and hedge funds.

About Solid Biosciences

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.