Wedbush Begins Coverage on Solid Biosciences (NASDAQ:SLDB)

Analysts at Wedbush began coverage on shares of Solid Biosciences (NASDAQ:SLDB) in a report released on Friday,Benzinga reports. The firm set an “outperform” rating and a $16.00 price target on the stock. Wedbush’s target price would indicate a potential upside of 241.88% from the stock’s previous close.

SLDB has been the topic of a number of other reports. HC Wainwright reissued a “buy” rating and set a $16.00 price target on shares of Solid Biosciences in a research report on Thursday. JPMorgan Chase & Co. reduced 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 note on Tuesday, November 12th. William Blair upgraded shares of Solid Biosciences to a “strong-buy” rating in a research note on Friday, August 30th. Citizens Jmp raised shares of Solid Biosciences to a “strong-buy” rating in a research note on Tuesday. Finally, JMP Securities started coverage on shares of Solid Biosciences in a research note on Tuesday. They set an “outperform” rating and a $15.00 price objective for the company. Nine equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $15.22.

Solid Biosciences Stock Performance

NASDAQ:SLDB opened at $4.68 on Friday. Solid Biosciences has a 52 week low of $3.83 and a 52 week high of $15.05. The firm’s fifty day moving average is $5.72 and its 200-day moving average is $7.09. The firm has a market cap of $187.01 million, a P/E ratio of -1.54 and a beta of 2.01.

Solid Biosciences (NASDAQ:SLDB) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.67) by ($0.12). As a group, sell-side analysts anticipate that Solid Biosciences will post -2.85 earnings per share for the current year.

Insider Activity at Solid Biosciences

In other Solid Biosciences news, insider Jessie Hanrahan sold 4,610 shares of the business’s stock in a transaction on 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. The trade was a 24.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO David T. Howton sold 5,072 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $5.60, for a total transaction of $28,403.20. Following the transaction, the chief operating officer now directly owns 15,663 shares in the company, valued at approximately $87,712.80. The trade was a 24.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,719 shares of company stock worth $135,457 in the last three months. 13.63% of the stock is owned by insiders.

Institutional Trading of Solid Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC purchased a new stake in Solid Biosciences during the 2nd quarter valued at about $379,000. Vestal Point Capital LP lifted its stake in Solid Biosciences by 5.1% during the 3rd quarter. Vestal Point Capital LP now owns 2,800,000 shares of the company’s stock valued at $19,516,000 after acquiring an additional 135,000 shares during the period. Cubist Systematic Strategies LLC bought a new position in shares of Solid Biosciences in the 2nd quarter worth approximately $412,000. Millennium Management LLC lifted its stake in shares of Solid Biosciences by 135.7% in the 2nd quarter. Millennium Management LLC now owns 1,728,065 shares of the company’s stock worth $9,798,000 after purchasing an additional 994,984 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in Solid Biosciences in the 2nd quarter worth approximately $639,000. 81.46% of the stock is owned by hedge funds and other institutional investors.

About Solid Biosciences

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.