HC Wainwright Issues Positive Forecast for Solid Biosciences (NASDAQ:SLDB) Stock Price

Solid Biosciences (NASDAQ:SLDB) had its price target raised by analysts at HC Wainwright from $20.00 to $25.00 in a report released on Wednesday, Marketbeat.com reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price would indicate a potential upside of 279.94% from the stock’s current price.

Several other equities research analysts have also issued reports on SLDB. Wedbush lowered their target price on shares of Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Needham & Company LLC reissued a “buy” rating and issued a $19.00 price objective on shares of Solid Biosciences in a research report on Friday, March 20th. Wall Street Zen lowered Solid Biosciences from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 target price (up from $17.00) on shares of Solid Biosciences in a research note on Wednesday, May 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.82.

Solid Biosciences Price Performance

NASDAQ:SLDB opened at $6.58 on Wednesday. The firm has a market capitalization of $647.80 million, a price-to-earnings ratio of -3.37 and a beta of 2.43. The business has a 50 day simple moving average of $7.42 and a 200-day simple moving average of $6.46. Solid Biosciences has a 1 year low of $3.34 and a 1 year high of $8.87.

Solid Biosciences (NASDAQ:SLDB) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.12). As a group, analysts expect that Solid Biosciences will post -1.81 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SLDB. Legal & General Group Plc lifted its holdings in Solid Biosciences by 208.6% during the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock valued at $29,000 after buying an additional 4,063 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Solid Biosciences by 142.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock worth $63,000 after acquiring an additional 5,991 shares in the last quarter. Creative Planning purchased a new position in shares of Solid Biosciences during the second quarter worth approximately $57,000. Polymer Capital Management US LLC bought a new stake in shares of Solid Biosciences during the third quarter valued at approximately $94,000. Finally, Fox Run Management L.L.C. bought a new stake in shares of Solid Biosciences during the third quarter valued at approximately $114,000. Hedge funds and other institutional investors own 81.46% of the company’s stock.

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.