Solid Biosciences (NASDAQ:SLDB) Rating Increased to Strong-Buy at Citigroup

Citigroup upgraded shares of Solid Biosciences (NASDAQ:SLDB) to a strong-buy rating in a report published on Thursday morning,Zacks.com reports.

Several other equities research analysts also recently weighed in on SLDB. HC Wainwright restated a “buy” rating and issued a $20.00 target price on shares of Solid Biosciences in a research note on Tuesday, June 17th. Barclays lowered their price objective on Solid Biosciences from $15.00 to $10.00 and set an “overweight” rating for the company in a research report on Friday, May 16th. JMP Securities reaffirmed a “market outperform” rating and set a $15.00 target price on shares of Solid Biosciences in a research report on Friday, June 6th. Piper Sandler decreased their price target on Solid Biosciences from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Friday, May 16th. Finally, Wedbush dropped their price target on Solid Biosciences from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Friday, May 16th. Nine equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, Solid Biosciences presently has an average rating of “Buy” and a consensus target price of $15.10.

Solid Biosciences Price Performance

Shares of SLDB stock opened at $4.81 on Thursday. The stock’s 50-day moving average is $3.63 and its 200 day moving average is $3.91. Solid Biosciences has a 1-year low of $2.41 and a 1-year high of $10.37. The company has a market cap of $372.82 million, a P/E ratio of -1.61 and a beta of 2.22.

Solid Biosciences (NASDAQ:SLDB) last released its quarterly earnings results on Thursday, May 15th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.06). On average, analysts anticipate that Solid Biosciences will post -2.84 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Rhumbline Advisers increased its holdings in Solid Biosciences by 10.5% in the 4th quarter. Rhumbline Advisers now owns 43,677 shares of the company’s stock worth $175,000 after buying an additional 4,161 shares during the period. American Century Companies Inc. increased its stake in shares of Solid Biosciences by 12.3% in the fourth quarter. American Century Companies Inc. now owns 46,857 shares of the company’s stock worth $187,000 after acquiring an additional 5,126 shares during the period. Sei Investments Co. purchased a new position in shares of Solid Biosciences during the fourth quarter worth $52,000. Prudential Financial Inc. raised its holdings in shares of Solid Biosciences by 71.3% during the fourth quarter. Prudential Financial Inc. now owns 109,105 shares of the company’s stock worth $436,000 after purchasing an additional 45,400 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Solid Biosciences by 9,393.8% during the fourth quarter. JPMorgan Chase & Co. now owns 955,932 shares of the company’s stock valued at $3,824,000 after purchasing an additional 945,863 shares during the period. 81.46% of the stock is currently owned by hedge funds and other 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.