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In recent transactions reported to the Securities and Exchange Commission, Alexander Cumbo, President and CEO of Solid Biosciences Inc. (NASDAQ:SLDB), a company currently valued at $212 million and trading at $5.30 per share, sold a portion of his holdings in the company. According to InvestingPro data, the stock has shown significant volatility, gaining over 22% in the past week despite a challenging six-month period. On February 14, Cumbo sold 11,365 shares of common stock at a price of $3.96 per share, totaling $45,005. This sale was conducted to cover withholding taxes following the vesting of previously granted restricted stock units (RSUs) and was not a discretionary trade by Cumbo. InvestingPro analysis reveals that while the company maintains strong liquidity with a current ratio of 7.85, it faces operational challenges with negative earnings per share of -$2.91 in the last twelve months.
Prior to this sale, on February 13, Cumbo acquired 30,031 shares through the vesting of RSUs, which have a zero-dollar exercise price. This acquisition increased his total holdings to 72,082 shares before the subsequent sale reduced it to 60,717 shares.
These transactions are part of a pre-established plan, as noted in a durable automatic sales instruction letter adopted by Cumbo in August 2024. The RSUs were initially granted on February 13, 2024, and are set to vest over a four-year period.
In other recent news, Solid Biosciences has been making significant strides in its clinical trials and financial strategies. The company recently released promising initial clinical data from the Phase 1/2 INSPIRE DUCHENNE trial of its Duchenne gene therapy candidate, SGT-003, showing average microdystrophin expression of 110% among the first three participants. Solid Biosciences also announced an underwritten offering of shares and pre-funded warrants, aiming to raise approximately $200 million.
Analysts from Truist and JMP Securities have maintained positive outlooks on Solid Biosciences, with Truist setting a price target of $16 and JMP Securities maintaining a target of $15. These evaluations are based on the potential of the company’s ongoing trials and the recent progress in its Duchenne muscular dystrophy treatment.
In addition to these developments, Solid Biosciences has been granted Fast Track designation by the U.S. Food and Drug Administration for its gene therapy candidate SGT-212, aimed at treating Friedreich’s ataxia, a serious genetic neurodegenerative disease. The company plans to begin a Phase 1b trial for SGT-212 in the second half of 2025. All these are recent developments, indicating the company’s steady progress in its clinical trials and financial strategies.
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