Solid Biosciences (NASDAQ:SLDB) Given "Buy" Rating at Chardan Capital

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.

Solid Biosciences (NASDAQ:SLDB - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Chardan Capital in a research report issued on Thursday,Benzinga reports. They presently have a $15.00 price target on the stock. Chardan Capital's price objective indicates a potential upside of 144.06% from the stock's current price.

A number of other brokerages have also recently issued reports on SLDB. Piper Sandler decreased their price objective on shares of Solid Biosciences from $20.00 to $17.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Barclays decreased their price objective on shares of Solid Biosciences from $15.00 to $10.00 and set an "overweight" rating for the company in a report on Friday, May 16th. JMP Securities reaffirmed a "market outperform" rating and issued a $15.00 price target on shares of Solid Biosciences in a research note on Friday, June 6th. Wedbush cut their price target on shares of Solid Biosciences from $17.00 to $14.00 and set an "outperform" rating on the stock in a research note on Wednesday. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $20.00 price target on shares of Solid Biosciences in a research note on Tuesday, June 17th. Ten equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $15.00.

Solid Biosciences Trading Down 8.0%

Shares of NASDAQ:SLDB traded down $0.53 during trading on Thursday, hitting $6.15. 505,564 shares of the company's stock were exchanged, compared to its average volume of 1,943,983. Solid Biosciences has a 1-year low of $2.41 and a 1-year high of $10.37. The firm has a 50-day moving average price of $5.55 and a two-hundred day moving average price of $4.39. The firm has a market cap of $476.38 million, a P/E ratio of -2.18 and a beta of 2.44.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.09. As a group, research analysts predict that Solid Biosciences will post -2.84 EPS for the current year.

Institutional Trading of Solid Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLDB. Adage Capital Partners GP L.L.C. raised its position in Solid Biosciences by 285.0% during the first quarter. Adage Capital Partners GP L.L.C. now owns 6,729,484 shares of the company's stock worth $24,899,000 after acquiring an additional 4,981,400 shares in the last quarter. Bain Capital Life Sciences Investors LLC raised its position in Solid Biosciences by 96.1% during the first quarter. Bain Capital Life Sciences Investors LLC now owns 7,911,669 shares of the company's stock worth $29,273,000 after acquiring an additional 3,877,087 shares in the last quarter. Siren L.L.C. raised its position in Solid Biosciences by 97.8% during the first quarter. Siren L.L.C. now owns 7,415,905 shares of the company's stock worth $27,439,000 after acquiring an additional 3,666,864 shares in the last quarter. MPM Bioimpact LLC acquired a new position in shares of Solid Biosciences in the first quarter valued at $6,077,000. Finally, Redmile Group LLC increased its holdings in shares of Solid Biosciences by 228.2% in the first quarter. Redmile Group LLC now owns 2,019,171 shares of the company's stock valued at $7,471,000 after purchasing an additional 1,403,925 shares during the last quarter. 81.46% of the stock is owned by institutional investors.

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.

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