Solid Biosciences (NASDAQ:SLDB) Trading Up 5.3% – Should You Buy?

Solid Biosciences Inc. (NASDAQ:SLDB)’s stock price traded up 5.3% on Tuesday . The stock traded as high as $8.80 and last traded at $8.7360. 126,102 shares changed hands during trading, a decline of 91% from the average session volume of 1,375,029 shares. The stock had previously closed at $8.30.

Analyst Upgrades and Downgrades

SLDB has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of Solid Biosciences from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Solid Biosciences in a report on Friday, March 20th. Guggenheim assumed coverage on shares of Solid Biosciences in a research report on Friday, March 20th. They issued a “buy” rating and a $26.00 price objective for the company. Chardan Capital reissued a “buy” rating and set a $15.00 target price on shares of Solid Biosciences in a research note on Friday, March 20th. Finally, Truist Financial raised shares of Solid Biosciences to a “strong-buy” rating in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Solid Biosciences Trading Up 6.5%

The company has a fifty day moving average of $7.37 and a 200-day moving average of $6.71. The company has a market capitalization of $870.30 million, a price-to-earnings ratio of -4.52 and a beta of 2.43.

Solid Biosciences (NASDAQ:SLDB) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.12). As a group, equities research analysts expect that Solid Biosciences Inc. will post -1.9 EPS for the current year.

Institutional Investors Weigh In On Solid Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Janus Henderson Group PLC acquired a new position in Solid Biosciences in the 1st quarter valued at about $28,877,000. Vestal Point Capital LP boosted its holdings in shares of Solid Biosciences by 95.5% in 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 period. Armistice Capital LLC increased its position in Solid Biosciences by 179.1% in the 4th 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 period. Nantahala Capital Management LLC raised its position in Solid Biosciences by 505.4% during the 2nd quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock worth $8,295,000 after buying an additional 1,421,968 shares during the last quarter. Finally, Monashee Investment Management LLC purchased a new stake in shares of Solid Biosciences in the fourth quarter valued at approximately $7,613,000. 81.46% of the stock is owned by hedge funds and other institutional investors.

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.