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Jessie Hanrahan, the Chief Regulatory Officer at Solid Biosciences Inc. (NASDAQ:SLDB), recently executed a transaction involving the sale of company stock. On February 14, Hanrahan sold 3,079 shares of common stock at a price of $3.96 per share, totaling approximately $12,192. This transaction was carried out to cover withholding taxes following the vesting of previously granted restricted stock units (RSUs), as per an automatic sales instruction adopted in August 2024. The sale does not represent a discretionary trade by Hanrahan. The stock, currently trading at $5.30, has shown significant volatility, with a notable 22% gain in the past week. According to InvestingPro analysis, the company’s shares appear to be trading above their Fair Value.
Additionally, on February 13, Hanrahan acquired 8,125 shares of common stock through the vesting of RSUs. These units, each representing a contingent right to receive one share of the company’s common stock, were granted on February 13, 2024, and are set to vest over four years. Following these transactions, Hanrahan holds 19,281 shares in Solid Biosciences, a company currently valued at $212 million. InvestingPro subscribers can access additional insights, including 12 more ProTips and a comprehensive analysis of the company’s financial health, which is currently rated as FAIR.
In other recent news, Solid Biosciences has been in the spotlight for a series of significant developments. The company reported encouraging results from the Phase 1/2 INSPIRE DUCHENNE trial of its Duchenne gene therapy candidate, SGT-003, with analysts from Truist and Leerink Partners acknowledging the potential of the findings. In addition, Solid Biosciences has announced a substantial stock and pre-funded warrant offering aiming to raise approximately $200 million, attracting a mix of new and existing investors.
The company also received Fast Track designation from the U.S. Food and Drug Administration (FDA) for its gene therapy candidate SGT-212, aimed at treating Friedreich’s ataxia, a serious genetic neurodegenerative disease. Analysts from JMP Securities and Truist Securities have maintained a positive outlook on Solid Biosciences, reiterating their Market Outperform and Buy ratings respectively, with price targets of $15 and $16.
These developments are part of the company’s ongoing efforts to advance its diverse pipeline of gene therapy candidates targeting rare diseases. Investors are keenly watching the progress of Solid Biosciences’ clinical trials and regulatory interactions, as these milestones could significantly influence the company’s growth and valuation in the biotech industry.
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