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

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

Analyst Ratings Changes

SLDB has been the subject of a number of recent analyst reports. Chardan Capital reiterated a “buy” rating and set a $16.00 target price on shares of Solid Biosciences in a research report on Friday, March 7th. Wedbush started coverage on Solid Biosciences in a research report on Friday, December 13th. They set an “outperform” rating and a $16.00 price objective for the company. Citizens Jmp upgraded Solid Biosciences to a “strong-buy” rating in a research report on Tuesday, December 10th. HC Wainwright upped their price objective on Solid Biosciences from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Finally, JMP Securities started coverage on Solid Biosciences in a research report on Tuesday, December 10th. They set an “outperform” rating and a $15.00 price objective for the company. Nine investment analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $15.70.

Institutional Investors Weigh In On Solid Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wells Fargo & Company MN increased its stake in shares of Solid Biosciences by 29.4% in the fourth quarter. Wells Fargo & Company MN now owns 13,138 shares of the company’s stock valued at $53,000 after buying an additional 2,986 shares during the period. Rhumbline Advisers grew its stake in Solid Biosciences by 10.5% during the fourth quarter. Rhumbline Advisers now owns 43,677 shares of the company’s stock worth $175,000 after purchasing an additional 4,161 shares during the period. Wellington Management Group LLP grew its stake in Solid Biosciences by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 124,551 shares of the company’s stock worth $498,000 after purchasing an additional 4,747 shares during the period. Geode Capital Management LLC grew its stake in Solid Biosciences by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 509,802 shares of the company’s stock worth $2,040,000 after purchasing an additional 4,932 shares during the period. Finally, American Century Companies Inc. grew its stake in Solid Biosciences by 12.3% during the fourth quarter. American Century Companies Inc. now owns 46,857 shares of the company’s stock worth $187,000 after purchasing an additional 5,126 shares during the period. Institutional investors and hedge funds own 81.46% of the company’s stock.

Solid Biosciences Stock Down 1.0 %

Solid Biosciences stock traded down $0.05 during trading hours on Friday, hitting $5.09. The stock had a trading volume of 931,879 shares, 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. The business’s 50 day simple moving average is $4.18 and its 200-day simple moving average is $5.47. Solid Biosciences has a one year low of $2.88 and a one year high of $15.05.

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.