Solid Biosciences’ (SLDB) Buy Rating Reiterated at HC Wainwright

Solid Biosciences (NASDAQ:SLDB)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a note issued to investors on Monday, Benzinga reports. They presently have a $25.00 price target on the stock. HC Wainwright’s price target suggests a potential upside of 187.36% from the company’s previous close.

Several other analysts have also recently commented on SLDB. Truist Financial raised their target price on shares of Solid Biosciences from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, August 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Biosciences in a report on Friday, July 17th. Wall Street Zen upgraded Solid Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 4th. Finally, Cantor Fitzgerald upped their price target on shares of Solid Biosciences from $16.00 to $26.00 and gave the stock an “overweight” rating in a research note on Thursday, August 27th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.18.

Solid Biosciences Stock Performance

Shares of SLDB opened at $8.70 on Monday. Solid Biosciences has a fifty-two week low of $3.79 and a fifty-two week high of $11.45. The firm has a 50-day simple moving average of $9.26 and a 200-day simple moving average of $8.12. The company has a market capitalization of $932.81 million, a price-to-earnings ratio of -4.55 and a beta of 2.44.

Solid Biosciences (NASDAQ:SLDB) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.46) by $0.08. Equities research analysts forecast that Solid Biosciences will post -1.67 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Engineers Gate Manager LP raised its holdings in Solid Biosciences by 34.5% in the 2nd quarter. Engineers Gate Manager LP now owns 28,915 shares of the company’s stock valued at $289,000 after acquiring an additional 7,410 shares during the last quarter. California State Teachers Retirement System grew its position in shares of Solid Biosciences by 239.5% in the second quarter. California State Teachers Retirement System now owns 10,829 shares of the company’s stock valued at $1,084,000 after purchasing an additional 7,639 shares during the period. AXQ Capital LP purchased a new stake in Solid Biosciences in the 2nd quarter valued at about $197,000. Wellington Management Group LLP increased its position in Solid Biosciences by 14.9% during the second quarter. Wellington Management Group LLP now owns 185,365 shares of the company’s stock worth $1,852,000 after purchasing an additional 24,087 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Solid Biosciences during the second quarter worth approximately $2,429,000. 81.46% of the stock is currently owned by hedge funds and other institutional investors.

About Solid Biosciences

Solid Biosciences Inc (NASDAQ:SLDB) is a biotechnology company developing genetic medicines for neuromuscular and cardiac diseases. The company combines gene therapy, genetic medicine and manufacturing technologies to design treatments intended to address the underlying causes of serious inherited disorders.

Solid’s lead program is SGT-003, an investigational gene therapy being developed for Duchenne muscular dystrophy, a progressive genetic disease that causes muscle degeneration. The company is also advancing SGT-501, an investigational gene therapy for BAG3-associated dilated cardiomyopathy, a rare inherited heart condition.