Solid Biosciences (NASDAQ:SLDB) Trading 5.5% Higher - Should You Buy?

Key Points

• Solid Biosciences shares rose 5.5% to about $9.67, although trading volume was 93% below the stock’s average daily volume.
• Analysts maintain a generally positive outlook: the stock has a “Moderate Buy” consensus rating from MarketBeat, with an average price target of $17.40 versus its recent trading price.
• The clinical-stage biotech focuses on gene therapies for Duchenne muscular dystrophy. Its latest quarterly loss of $0.38 per share beat analysts’ expected loss of $0.46, while institutional investors own 81.46% of the company.

Shares of Solid Biosciences Inc. (NASDAQ:SLDB - Get Free Report) shot up 5.5% on Tuesday . The stock traded as high as $9.74 and last traded at $9.6650. 101,707 shares traded hands during trading, a decline of 93% from the average daily volume of 1,382,737 shares. The stock had previously closed at $9.16.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Solid Biosciences from a "strong sell" rating to a "sell" rating in a research report on Saturday, July 4th. Piper Sandler reaffirmed an "overweight" rating and set a $18.00 price objective (up from $17.00) on shares of Solid Biosciences in a report on Wednesday, May 13th. Wedbush reduced their price objective on Solid Biosciences from $17.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Solid Biosciences in a research report on Friday, July 17th. Finally, HC Wainwright boosted their price target on Solid Biosciences from $20.00 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, June 3rd. Ten analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Solid Biosciences has an average rating of "Moderate Buy" and a consensus price target of $17.40.

Solid Biosciences Trading Up 5.4%

The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -5.05 and a beta of 2.41. The firm's 50 day simple moving average is $9.05 and its 200-day simple moving average is $7.77.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last released its 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. As a group, sell-side analysts forecast that Solid Biosciences Inc. will post -1.72 EPS for the current fiscal year.

Institutional Investors Weigh In On Solid Biosciences

A number of institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc raised its stake in shares of Solid Biosciences by 208.6% during the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company's stock worth $29,000 after buying an additional 4,063 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Solid Biosciences by 142.0% during the third 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 during the period. California State Teachers Retirement System raised 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 worth $1,084,000 after acquiring an additional 7,639 shares in the last quarter. Creative Planning purchased a new position in Solid Biosciences in the second quarter worth $57,000. Finally, Polymer Capital Management US LLC acquired a new stake in Solid Biosciences in the third quarter valued at $94,000. Hedge funds and other institutional investors own 81.46% of the company's stock.

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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