Chardan Capital Reaffirms "Buy" Rating for Solid Biosciences (NASDAQ:SLDB)

Key Points

• Chardan Capital has restated a "Buy" rating for Solid Biosciences (NASDAQ:SLDB) with a price target of $15.00, suggesting a potential upside of 144.06% from its current price.
• Solid Biosciences' stock price recently declined to $6.15, with reports indicating a market cap of $476.38 million and a 1-year trading range of $2.41 to $10.37.
• Institutional investors hold 81.46% of Solid Biosciences' stock, with notable increases in stakes from several firms including Adage Capital Partners and Bain Capital Life Sciences Investors.

Chardan Capital reissued their buy rating on shares of Solid Biosciences (NASDAQ:SLDB - Free Report) in a research report report published on Thursday,Benzinga reports. They currently have a $15.00 target price on the stock.

Several other equities research analysts also recently commented on the stock. Cantor Fitzgerald set a $16.00 price target on shares of Solid Biosciences and gave the company an "overweight" rating in a research report on Monday, July 21st. JMP Securities restated a "market outperform" rating and issued a $15.00 target price on shares of Solid Biosciences in a report on Friday, June 6th. Wedbush lowered their price target on Solid Biosciences from $17.00 to $14.00 and set an "outperform" rating on the stock in a report on Wednesday, August 13th. Citigroup assumed coverage on Solid Biosciences in a research note on Thursday, June 26th. They issued a "buy" rating and a $14.00 price objective for the company. Finally, Piper Sandler decreased their price objective on Solid Biosciences from $20.00 to $17.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Two investment analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $15.00.

Solid Biosciences Stock Down 3.8%

Solid Biosciences stock traded down $0.23 during trading hours on Thursday, hitting $5.80. 852,260 shares of the company traded hands, compared to its average volume of 1,295,828. Solid Biosciences has a 1-year low of $2.41 and a 1-year high of $10.37. The firm has a market cap of $451.65 million, a P/E ratio of -2.07 and a beta of 2.44. The firm's 50-day simple moving average is $5.67 and its two-hundred day simple moving average is $4.48.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.51) by $0.09. On average, equities research analysts predict that Solid Biosciences will post -2.84 earnings per share for the current year.

Institutional Trading of Solid Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wells Fargo & Company MN boosted its stake in Solid Biosciences by 29.4% during the fourth quarter. Wells Fargo & Company MN now owns 13,138 shares of the company's stock worth $53,000 after buying an additional 2,986 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Solid Biosciences by 208.6% in 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. Ameritas Investment Partners Inc. lifted its position in shares of Solid Biosciences by 205.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,740 shares of the company's stock worth $33,000 after buying an additional 4,534 shares during the period. Wellington Management Group LLP grew its position in Solid Biosciences by 4.0% in the fourth quarter. Wellington Management Group LLP now owns 124,551 shares of the company's stock valued at $498,000 after acquiring an additional 4,747 shares during the period. Finally, Geode Capital Management LLC raised its stake in Solid Biosciences by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 509,802 shares of the company's stock worth $2,040,000 after acquiring an additional 4,932 shares in the last quarter. 81.46% of the stock is currently owned by institutional investors and hedge funds.

About Solid Biosciences

Solid Biosciences Inc, a life science company, develops therapies for neuromuscular and cardiac diseases in the United States. The company's lead product candidate is SGT-003, a gene transfer candidate for the treatment of Duchenne muscular dystrophy; and SGT-501 to treat Catecholaminergic polymorphic ventricular tachycardia.