Solid Biosciences (NASDAQ:SLDB) Earns "Buy" Rating from HC Wainwright

Key Points

• HC Wainwright reiterated its “Buy” rating on Solid Biosciences and set a $25 price target, implying approximately 187% upside from the stock’s $8.70 opening price.
• Analyst sentiment is broadly positive: 11 analysts rate the stock a Buy and one rates it a Sell, resulting in a “Moderate Buy” consensus and an average price target of $18.18.
• Solid Biosciences reported quarterly EPS of $(0.38), beating the $(0.46) consensus estimate. The biotech is developing gene therapies for Duchenne muscular dystrophy and BAG3-associated dilated cardiomyopathy, while institutional investors own 81.46% of its shares.

Solid Biosciences (NASDAQ:SLDB - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at HC Wainwright in a note issued to investors on Monday, Benzinga reports. They presently have a $25.00 price objective on the stock. HC Wainwright's price objective would suggest a potential upside of 187.36% from the stock's current price.

SLDB has been the subject of several other reports. Wall Street Zen raised Solid Biosciences from a "strong sell" rating to a "sell" rating in a research report on Saturday, July 4th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Solid Biosciences in a research note on Friday, July 17th. Truist Financial raised their price target on shares of Solid Biosciences from $16.00 to $20.00 and gave the company a "buy" rating in a research report on Friday, August 21st. Finally, Cantor Fitzgerald boosted their price target on shares of Solid Biosciences from $16.00 to $26.00 and gave the stock an "overweight" rating in a research note on Thursday, August 27th. Eleven analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $18.18.

Solid Biosciences Price Performance

Shares of SLDB opened at $8.70 on Monday. The firm has a 50-day simple moving average of $9.26 and a two-hundred day simple moving average of $8.12. The stock has a market cap of $932.81 million, a PE ratio of -4.55 and a beta of 2.44. Solid Biosciences has a 1-year low of $3.79 and a 1-year high of $11.45.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.38) EPS for the quarter, topping analysts' consensus estimates of ($0.46) by $0.08. As a group, sell-side analysts expect that Solid Biosciences will post -1.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Solid Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of SLDB. Legal & General Group Plc raised its stake in Solid Biosciences by 208.6% in the second quarter. Legal & General Group Plc now owns 6,011 shares of the company's stock valued at $29,000 after buying an additional 4,063 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Solid Biosciences by 142.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company's stock worth $63,000 after acquiring an additional 5,991 shares in the last quarter. California State Teachers Retirement System lifted its position in Solid Biosciences by 239.5% in the second quarter. California State Teachers Retirement System now owns 10,829 shares of the company's stock valued at $1,084,000 after acquiring an additional 7,639 shares during the last quarter. Creative Planning acquired a new position in Solid Biosciences in the second quarter valued at $57,000. Finally, Polymer Capital Management US LLC acquired a new position in Solid Biosciences in the third quarter valued at $94,000. Institutional investors and hedge funds own 81.46% of the company's stock.

Solid Biosciences Company Profile

Solid Biosciences Inc NASDAQ: SLDB is a biotechnology company developing genetic medicines for neuromuscular and cardiac diseases. The company combines gene therapy, genetic medicine and manufacturing technologies to design treatments intended to address the underlying causes of serious inherited disorders.

Solid's lead program is SGT-003, an investigational gene therapy being developed for Duchenne muscular dystrophy, a progressive genetic disease that causes muscle degeneration. The company is also advancing SGT-501, an investigational gene therapy for BAG3-associated dilated cardiomyopathy, a rare inherited heart condition.

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