Wedbush Begins Coverage on Solid Biosciences (NASDAQ:SLDB)

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

A number of other brokerages have also recently issued reports on SLDB. JMP Securities began coverage on shares of Solid Biosciences in a research note on Tuesday. They issued an “outperform” rating and a $15.00 price objective on the stock. Chardan Capital reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Solid Biosciences in a research note on Monday, November 11th. JPMorgan Chase & Co. reduced their price objective on shares of Solid Biosciences from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Solid Biosciences in a research note on Thursday. Finally, Citizens Jmp upgraded shares of Solid Biosciences to a “strong-buy” rating in a report on Tuesday. Nine research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $15.22.

Solid Biosciences Price Performance

SLDB opened at $4.68 on Friday. Solid Biosciences has a one year low of $3.83 and a one year high of $15.05. The company’s 50 day simple moving average is $5.72 and its 200-day simple moving average is $7.09. The stock has a market capitalization 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 results on Wednesday, November 6th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.12). As a group, analysts anticipate that Solid Biosciences will post -2.85 EPS for the current year.

Insider Buying and Selling

In related news, COO David T. Howton sold 5,072 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $5.60, for a total value of $28,403.20. Following the completion of the transaction, the chief operating officer now owns 15,663 shares of the company’s stock, valued at approximately $87,712.80. This trade represents a 24.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jessie Hanrahan sold 4,610 shares of the firm’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 completion of 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 23,719 shares of company stock worth $135,457 over the last ninety days. Company insiders own 13.63% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SLDB. Acadian Asset Management LLC bought a new position in shares of Solid Biosciences in the 2nd quarter valued at about $379,000. Vestal Point Capital LP raised its stake in Solid Biosciences by 5.1% in the 3rd quarter. Vestal Point Capital LP now owns 2,800,000 shares of the company’s stock worth $19,516,000 after purchasing an additional 135,000 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Solid Biosciences in the 2nd quarter worth about $412,000. Millennium Management LLC raised its stake in 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 in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Solid Biosciences in the 2nd quarter valued at approximately $639,000. Institutional investors own 81.46% of the company’s stock.

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.