Solid Biosciences Inc. (NASDAQ:SLDB) Sees Large Growth in Short Interest

Solid Biosciences Inc. (NASDAQ:SLDB) saw a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 7,320,000 shares, a growth of 148.1% from the February 13th total of 2,950,000 shares. Based on an average daily trading volume, of 2,130,000 shares, the days-to-cover ratio is presently 3.4 days. Approximately 12.3% of the company’s shares are short sold.

Solid Biosciences Trading Down 1.0 %

Shares of NASDAQ:SLDB traded down $0.05 during trading on Friday, hitting $5.09. 931,879 shares of the company were exchanged, compared to its average volume of 2,763,892. The stock has a market cap of $394.44 million, a price-to-earnings ratio of -1.67 and a beta of 1.98. Solid Biosciences has a fifty-two week low of $2.88 and a fifty-two week high of $15.05. The firm has a fifty day moving average price of $4.18 and a two-hundred day moving average price of $5.47.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Wedbush initiated coverage on Solid Biosciences in a research report on Friday, December 13th. They set an “outperform” rating and a $16.00 target price for the company. Citizens Jmp upgraded Solid Biosciences to a “strong-buy” rating in a report on Tuesday, December 10th. HC Wainwright lifted their price objective on Solid Biosciences from $16.00 to $20.00 and gave the company a “buy” rating in a report on Monday, March 10th. JMP Securities initiated coverage on Solid Biosciences in a report on Tuesday, December 10th. They set an “outperform” rating and a $15.00 price objective on the stock. Finally, JPMorgan Chase & Co. cut their price objective on Solid Biosciences from $12.00 to $11.00 and set an “overweight” rating on the stock in a report on Thursday. Nine research analysts have rated the stock with a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $15.70.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SLDB. Los Angeles Capital Management LLC acquired a new position in Solid Biosciences in the 3rd quarter valued at $293,000. Valence8 US LP acquired a new position in Solid Biosciences in the 3rd quarter valued at $110,000. The Manufacturers Life Insurance Company acquired a new position in Solid Biosciences in the 3rd quarter valued at $71,000. FMR LLC acquired a new position in Solid Biosciences in the 3rd quarter valued at $305,000. Finally, MetLife Investment Management LLC grew its holdings in Solid Biosciences by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 13,699 shares of the company’s stock valued at $95,000 after buying an additional 7,719 shares in the last quarter. Institutional investors and hedge funds own 81.46% of the company’s stock.

Solid Biosciences Company Profile

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.