Solid Biosciences Inc. (NASDAQ:SLDB) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Analyst sentiment is moderately bullish: Eleven firms rate Solid Biosciences “Moderate Buy,” including nine buys and one strong buy, with an average 12-month price target of $17.11 versus the stock’s $9.74 opening price.
• Institutional ownership is substantial: Hedge funds and other institutional investors own 81.46% of SLDB, with several funds recently initiating or significantly increasing their positions.
• Solid Biosciences reported a quarterly loss of $0.38 per share, beating the consensus estimate of a $0.46 loss. Analysts expect a full-year loss of approximately $1.72 per share, while the company continues developing gene therapies for Duchenne muscular dystrophy.

Shares of Solid Biosciences Inc. (NASDAQ:SLDB - Get Free Report) have earned an average rating of "Moderate Buy" from the eleven ratings firms that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $17.1111.

Several research firms have recently commented on SLDB. Truist Financial upgraded Solid Biosciences to a "strong-buy" rating in a report on Monday, April 27th. Wall Street Zen upgraded Solid Biosciences from a "strong sell" rating to a "sell" rating in a report on Saturday, July 4th. Weiss Ratings restated a "sell (d-)" rating on shares of Solid Biosciences in a research report on Friday, July 17th. Piper Sandler reaffirmed an "overweight" rating and issued a $18.00 price target (up from $17.00) on shares of Solid Biosciences in a research note on Wednesday, May 13th. Finally, HC Wainwright boosted their price objective on Solid Biosciences from $20.00 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, June 3rd.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SLDB. Janus Henderson Group PLC bought a new stake in Solid Biosciences in the 1st quarter worth $28,877,000. Vestal Point Capital LP raised its stake in shares of Solid Biosciences by 95.5% during the fourth quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company's stock valued at $32,797,000 after acquiring an additional 2,840,000 shares during the last quarter. Armistice Capital LLC raised its stake in shares of Solid Biosciences by 179.1% during the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company's stock valued at $14,732,000 after acquiring an additional 1,676,000 shares during the last quarter. Nantahala Capital Management LLC boosted its holdings in shares of Solid Biosciences by 505.4% during the second quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company's stock worth $8,295,000 after purchasing an additional 1,421,968 shares during the period. Finally, Monashee Investment Management LLC purchased a new stake in shares of Solid Biosciences during the fourth quarter worth about $7,613,000. 81.46% of the stock is owned by hedge funds and other institutional investors.

Solid Biosciences Stock Performance

SLDB stock opened at $9.74 on Thursday. Solid Biosciences has a 52 week low of $3.79 and a 52 week high of $11.45. The firm's fifty day moving average is $8.93 and its 200 day moving average is $7.71. The firm has a market cap of $1.04 billion, a P/E ratio of -5.10 and a beta of 2.41.

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. As a group, analysts forecast that Solid Biosciences will post -1.72 EPS for the current year.

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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