Solid Biosciences (NASDAQ:SLDB) Shares Climb 6.6% - Should You Buy?

Key Points

• Solid Biosciences shares rose 6.6% to about $5.90, though trading volume was 44% below its average. The stock remains below its 50-day and 200-day moving averages of $8.42 and $8.19.
• Analysts are broadly bullish, with a “Moderate Buy” consensus and an average price target of $18.79; recent targets range from $20 to $26. However, one analyst rates the stock a Sell.
• The biotechnology company is developing gene therapies led by SGT-003 for Duchenne muscular dystrophy. It beat quarterly EPS estimates, reporting a loss of $0.38 per share versus the expected $0.46 loss, while institutional investors own 81.46% of the stock.

Solid Biosciences Inc. (NASDAQ:SLDB - Get Free Report)'s stock price was up 6.6% on Monday. The stock traded as high as $5.88 and last traded at $5.8950. 760,541 shares changed hands during trading, a decline of 44% from the average daily volume of 1,367,300 shares. The stock had previously closed at $5.53.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SLDB shares. Loop Capital set a $25.00 price objective on Solid Biosciences in a research report on Monday, September 14th. Truist Financial increased their target price on Solid Biosciences from $16.00 to $20.00 and gave the company a "buy" rating in a research note on Friday, August 21st. Wall Street Zen raised Solid Biosciences from a "strong sell" rating to a "sell" rating in a report on Saturday, July 4th. Cantor Fitzgerald boosted their price target on Solid Biosciences from $16.00 to $26.00 and gave the stock an "overweight" rating in a research note on Thursday, August 27th. Finally, HC Wainwright restated a "buy" rating and issued a $25.00 price target on shares of Solid Biosciences in a research note on Monday, September 14th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $18.79.

Solid Biosciences Stock Performance

The firm has a fifty day moving average price of $8.42 and a two-hundred day moving average price of $8.19. The stock has a market capitalization of $628.20 million, a P/E ratio of -3.07 and a beta of 2.47.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.46) by $0.08. On average, research analysts anticipate that Solid Biosciences Inc. will post -1.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Solid Biosciences

Several large investors have recently made changes to their positions in SLDB. Janus Henderson Group PLC purchased a new position in Solid Biosciences in the 1st quarter worth approximately $28,877,000. Ally Bridge Group NY LLC boosted its stake in Solid Biosciences by 85.4% in the 1st quarter. Ally Bridge Group NY LLC now owns 766,974 shares of the company's stock worth $5,522,000 after purchasing an additional 353,349 shares during the period. Dimensional Fund Advisors LP boosted its stake in Solid Biosciences by 40.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 956,135 shares of the company's stock worth $6,877,000 after purchasing an additional 277,051 shares during the period. Bank of New York Mellon Corp purchased a new stake in Solid Biosciences during the 2nd quarter valued at approximately $2,429,000. Finally, Stempoint Capital LP purchased a new stake in Solid Biosciences during the 1st quarter valued at approximately $1,407,000. 81.46% of the stock is currently owned by hedge funds and other institutional investors.

Solid Biosciences Company Profile

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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