Solid Biosciences (NASDAQ:SLDB) Raised to "Strong-Buy" at UBS Group

Key Points

• UBS Group upgraded Solid Biosciences to “strong buy,” while analysts overall maintain a “Moderate Buy” consensus rating and an average price target of $18.79.
• Solid Biosciences shares traded at $5.53, well below their 50-day and 200-day moving averages, with a 52-week range of $3.79 to $11.45.
• The biotechnology company exceeded quarterly earnings expectations, reporting a loss of $0.38 per share versus the estimated loss of $0.46; institutional investors own approximately 81.46% of the stock.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) was upgraded by UBS Group to a "strong-buy" rating in a research note issued on Wednesday, Zacks reports.

A number of other research firms have also recently commented on SLDB. Loop Capital set a $25.00 price target on Solid Biosciences in a report on Monday, September 14th. Wall Street Zen upgraded Solid Biosciences from a "strong sell" rating to a "sell" rating in a research report on Saturday, July 4th. Truist Financial increased their price objective on shares of Solid Biosciences from $16.00 to $20.00 and gave the stock a "buy" rating in a research report on Friday, August 21st. Royal Bank Of Canada assumed coverage on Solid Biosciences in a research note on Wednesday, September 16th. They issued an "outperform" rating and a $18.00 price objective on the stock. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Solid Biosciences in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $18.79.

Solid Biosciences Price Performance

NASDAQ SLDB traded down $0.21 during trading hours on Wednesday, reaching $5.53. 1,401,828 shares of the company's stock traded hands, compared to its average volume of 1,547,287. The firm has a 50-day simple moving average of $8.42 and a 200 day simple moving average of $8.18. Solid Biosciences has a 52-week low of $3.79 and a 52-week high of $11.45. The firm has a market cap of $592.93 million, a PE ratio of -2.90 and a beta of 2.47.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.46) by $0.08. Sell-side analysts forecast that Solid Biosciences will post -1.66 EPS for the current fiscal year.

Institutional Investors Weigh In On Solid Biosciences

A number of large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp acquired a new stake in shares of Solid Biosciences during the 2nd quarter worth approximately $2,429,000. Dimensional Fund Advisors LP boosted its stake in shares of Solid Biosciences by 40.8% in the first quarter. Dimensional Fund Advisors LP now owns 956,135 shares of the company's stock valued at $6,877,000 after purchasing an additional 277,051 shares during the period. Redmile Group LLC raised its stake in shares of Solid Biosciences by 8.1% in the first quarter. Redmile Group LLC now owns 2,011,895 shares of the company's stock valued at $14,486,000 after acquiring an additional 151,353 shares in the last quarter. Stempoint Capital LP purchased a new position in shares of Solid Biosciences in the 1st quarter valued at about $1,407,000. Finally, Janus Henderson Group PLC acquired a new position in Solid Biosciences during the 1st quarter worth approximately $28,877,000. 81.46% of the stock is currently owned by hedge funds and other institutional investors.

About Solid Biosciences

Solid Biosciences Inc is a biotechnology company focused on developing genetic medicines for patients with rare diseases. The company's research platform is centered on adeno-associated virus (AAV) gene therapy and other genetic medicine technologies intended to address the underlying causes of disease.

Solid Biosciences' lead program is SGT-003, an investigational gene therapy being developed for Duchenne muscular dystrophy, a severe inherited neuromuscular disorder. The company is also developing additional programs for rare cardiac and neuromuscular conditions, including SGT-501 for BAG3-associated dilated cardiomyopathy.

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