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David Howton, Chief Operating Officer of Solid Biosciences Inc. (NASDAQ:SLDB), a biotechnology company currently valued at $212 million with notably volatile trading patterns, recently sold shares of the company, according to a Form 4 filing with the Securities and Exchange Commission. According to InvestingPro data, the stock has shown significant momentum, gaining over 22% in the past week. The transaction, dated February 14, involved the sale of 5,561 shares at a price of $3.96 each, totaling $22,021.
In a related transaction on February 13, Howton acquired 14,687 shares through the vesting of restricted stock units (RSUs). These RSUs were initially granted on February 13, 2024, and are set to vest over a four-year period, with 25% vesting each year.
The recent sale was conducted to cover withholding taxes following the vesting of these RSUs. This transaction was part of a pre-arranged plan and does not represent a discretionary trade by Howton. Following these transactions, Howton now holds 24,789 shares of Solid Biosciences directly. The company maintains strong liquidity with a current ratio of 7.85, indicating robust short-term financial health.
In other recent news, Solid Biosciences has reported promising initial clinical data from its Duchenne gene therapy candidate, SGT-003, sparking investor optimism. The company also announced a significant stock and pre-funded warrant offering, aiming to raise approximately $200 million before fees and expenses. Analysts from Truist and JMP Securities have maintained positive outlooks on the company, with Truist setting a stock price target of $16 and JMP reiterating a $15 target. Leerink Partners also weighed in, stating that the interim data makes SGT-003 a serious contender in Duchenne muscular dystrophy treatment.
In addition, 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. This follows the company’s previous announcement that it had received FDA Investigational New Drug clearance for SGT-212.
These developments show Solid Biosciences’ continuous efforts in advancing gene therapy for various neuromuscular and cardiac diseases. The company is expected to request a meeting with the FDA in mid-2025 to discuss the potential for an accelerated approval pathway for SGT-003, which could fast-track the therapy’s availability to patients if successful.
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