Solid Biosciences (NASDAQ:SLDB) Price Target Raised to $26.00 at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald raised Solid Biosciences’ price target from $16 to $26 and maintained an “overweight” rating, implying 167.49% upside from the previous close.
• Analyst sentiment is generally positive, with 11 Buy ratings and one Sell rating; the consensus rating is “Moderate Buy” with an average price target of $18.18.
• Solid Biosciences reported quarterly EPS of negative $0.38, beating expectations of negative $0.46. Institutional investors own 81.46% of the company, which is developing gene therapies for Duchenne muscular dystrophy.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) had its target price increased by analysts at Cantor Fitzgerald from $16.00 to $26.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Cantor Fitzgerald's price objective indicates a potential upside of 167.49% from the stock's previous close.

Other analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of Solid Biosciences from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 4th. Weiss Ratings restated a "sell (d-)" rating on shares of Solid Biosciences in a research note on Friday, July 17th. Wedbush lowered their price target on shares of Solid Biosciences from $17.00 to $16.00 and set an "outperform" rating for the company in a report on Wednesday, May 13th. HC Wainwright lifted their price target on shares of Solid Biosciences from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, June 3rd. Finally, Piper Sandler reissued an "overweight" rating and issued a $18.00 price objective (up from $17.00) on shares of Solid Biosciences in a research report on Wednesday, May 13th. Eleven research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $18.18.

Solid Biosciences Stock Performance

SLDB stock opened at $9.72 on Thursday. The firm has a market cap of $1.04 billion, a P/E ratio of -5.09 and a beta of 2.41. Solid Biosciences has a 1 year low of $3.79 and a 1 year high of $11.45. The stock has a 50-day simple moving average of $9.15 and a 200-day simple moving average of $7.82.

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 the consensus estimate of ($0.46) by $0.08. On average, equities research analysts predict that Solid Biosciences will post -1.67 EPS for the current year.

Institutional Investors Weigh In On Solid Biosciences

A number of institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC bought a new position in Solid Biosciences during the first quarter worth $418,000. Goldman Sachs Group Inc. increased its stake in Solid Biosciences by 32.2% during the first quarter. Goldman Sachs Group Inc. now owns 180,137 shares of the company's stock valued at $667,000 after purchasing an additional 43,910 shares during the last quarter. Woodline Partners LP acquired a new stake in shares of Solid Biosciences during the first quarter worth $2,338,000. Creative Planning bought a new stake in shares of Solid Biosciences during the 2nd quarter valued at about $57,000. Finally, JPMorgan Chase & Co. grew its position in shares of Solid Biosciences by 111.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 34,379 shares of the company's stock valued at $167,000 after buying an additional 18,094 shares during the last quarter. 81.46% of the stock is currently owned by institutional investors.

About Solid Biosciences

Solid Biosciences Inc is a clinical‐stage biotechnology company focused on the development of therapies for Duchenne muscular dystrophy (DMD), a rare genetic disorder characterized by progressive muscle degeneration. The company's primary approach centers on gene replacement and gene editing technologies designed to restore functional dystrophin protein in patients lacking this critical muscle‐stabilizing protein.

Solid's lead investigational therapy, SGT‐001, is a micro‐dystrophin gene therapy candidate engineered to deliver a shortened but functional form of the dystrophin gene using an adeno‐associated virus (AAV) vector.

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