Solid Biosciences (NASDAQ:SLDB) Trading 22% Higher - Time to Buy?

Key Points

• Solid Biosciences' stock price surged by 22% during mid-day trading, reaching $6.74, despite a trading volume decline of 54% from its average.
• JPMorgan Chase & Co. has reduced its target price for the company's stock from $15.00 to $13.00, while HC Wainwright maintains a buy rating with a price objective of $20.00.
• Solid Biosciences recently reported earnings of ($0.42) EPS, exceeding analyst expectations and projecting an annual EPS of -2.84.

Solid Biosciences Inc. (NASDAQ:SLDB - Get Free Report)'s stock price traded up 22% during mid-day trading on Wednesday . The company traded as high as $6.35 and last traded at $6.74. 810,602 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 1,763,416 shares. The stock had previously closed at $5.52.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. decreased their target price on Solid Biosciences from $15.00 to $13.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. Wall Street Zen cut Solid Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday, September 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Solid Biosciences in a research report on Wednesday. HC Wainwright reaffirmed a "buy" rating and set a $20.00 price objective on shares of Solid Biosciences in a research report on Tuesday, June 17th. Finally, Cantor Fitzgerald set a $16.00 price objective on Solid Biosciences and gave the stock an "overweight" rating in a research report on Monday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Solid Biosciences currently has an average rating of "Moderate Buy" and an average price target of $15.00.

Solid Biosciences Stock Up 15.0%

The company has a market cap of $494.24 million, a P/E ratio of -2.28 and a beta of 2.53. The stock has a 50 day moving average price of $5.83 and a two-hundred day moving average price of $4.68.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($0.42) earnings per share for the quarter, topping analysts' consensus estimates of ($0.51) by $0.09. Equities analysts anticipate that Solid Biosciences Inc. will post -2.84 EPS for the current year.

Institutional Investors Weigh In On Solid Biosciences

A number of large investors have recently modified their holdings of the business. Legal & General Group Plc boosted 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 valued at $29,000 after purchasing an additional 4,063 shares in the last quarter. Ameritas Investment Partners Inc. boosted its holdings in shares of Solid Biosciences by 205.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,740 shares of the company's stock valued at $33,000 after purchasing an additional 4,534 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Solid Biosciences by 10.6% in the 1st quarter. American Century Companies Inc. now owns 51,835 shares of the company's stock valued at $192,000 after purchasing an additional 4,978 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Solid Biosciences by 8.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 68,607 shares of the company's stock valued at $254,000 after purchasing an additional 5,220 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in shares of Solid Biosciences by 80.7% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 15,308 shares of the company's stock valued at $57,000 after purchasing an additional 6,836 shares in the last quarter. Institutional investors and hedge funds own 81.46% of the company's stock.

Solid Biosciences Company Profile

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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