Solid Biosciences (NASDAQ:SLDB) Coverage Initiated at Truist Financial

Analysts at Truist Financial initiated coverage on shares of Solid Biosciences (NASDAQ:SLDB) in a research note issued on Wednesday, Marketbeat reports. The firm set a “buy” rating and a $16.00 price target on the stock. Truist Financial’s target price would suggest a potential upside of 297.02% from the company’s previous close.

Several other brokerages have also recently weighed in on SLDB. JPMorgan Chase & Co. dropped their price objective on Solid Biosciences from $15.00 to $12.00 and set an “overweight” rating for the company in a report 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, December 12th. JMP Securities began coverage on shares of Solid Biosciences in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $15.00 price objective on the stock. Citizens Jmp raised Solid Biosciences to a “strong-buy” rating in a research note on Tuesday, December 10th. Finally, Wedbush began coverage on Solid Biosciences in a research report on Friday, December 13th. They issued an “outperform” rating and a $16.00 price target on the stock. Nine investment analysts have rated the stock with a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $15.30.

Solid Biosciences Price Performance

SLDB opened at $4.03 on Wednesday. The stock has a market capitalization of $161.02 million, a P/E ratio of -1.33 and a beta of 2.05. The company’s 50 day simple moving average is $4.95 and its 200-day simple moving average is $6.64. Solid Biosciences has a one year low of $3.85 and a one year high of $15.05.

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

Insiders Place Their Bets

In other Solid Biosciences news, COO David T. Howton sold 5,072 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $5.60, for a total transaction of $28,403.20. Following the completion of the transaction, the chief operating officer now owns 15,663 shares in the company, valued at approximately $87,712.80. This represents a 24.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Alexander Cumbo sold 11,114 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $5.60, for a total value of $62,238.40. Following the completion of the sale, the chief executive officer now owns 38,484 shares in the company, valued at approximately $215,510.40. This trade represents a 22.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,775 shares of company stock worth $140,008 over the last ninety days. 13.63% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Solid Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 DIFC Ltd bought a new position in shares of Solid Biosciences during the 2nd quarter worth approximately $58,000. The Manufacturers Life Insurance Company acquired a new position in Solid Biosciences during the third quarter worth $71,000. Ground Swell Capital LLC bought a new position in Solid Biosciences in the second quarter valued at $76,000. Algert Global LLC acquired a new stake in Solid Biosciences in the 2nd quarter valued at $82,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Solid Biosciences during the 2nd quarter worth about $92,000. Institutional investors and hedge funds 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.