Solid Biosciences (NASDAQ:SLDB) Trading 13.3% Higher – Here’s Why

Solid Biosciences Inc. (NASDAQ:SLDB)’s share price shot up 13.3% during trading on Friday . The stock traded as high as $6.65 and last traded at $6.56. 1,423,434 shares traded hands during mid-day trading, an increase of 17% from the average session volume of 1,217,015 shares. The stock had previously closed at $5.79.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SLDB. Cantor Fitzgerald reissued an “overweight” rating and issued a $16.00 price objective on shares of Solid Biosciences in a research report on Thursday, May 22nd. HC Wainwright restated a “buy” rating and set a $20.00 target price on shares of Solid Biosciences in a report on Tuesday, June 17th. Chardan Capital decreased their price objective on Solid Biosciences from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Monday, May 19th. Piper Sandler lowered their price objective on shares of Solid Biosciences from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Friday, May 16th. Finally, Citigroup started coverage on shares of Solid Biosciences in a research note on Thursday, June 26th. They issued a “buy” rating and a $14.00 target price for the company. Ten research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Solid Biosciences has an average rating of “Buy” and a consensus price target of $15.10.

Solid Biosciences Stock Performance

The company has a market capitalization of $495.29 million, a price-to-earnings ratio of -2.14 and a beta of 2.34. The company’s fifty day simple moving average is $4.26 and its two-hundred day simple moving average is $4.01.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SLDB. Wells Fargo & Company MN grew its position in Solid Biosciences by 29.4% in the 4th quarter. Wells Fargo & Company MN now owns 13,138 shares of the company’s stock worth $53,000 after purchasing an additional 2,986 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Solid Biosciences by 4.0% in the 4th quarter. Wellington Management Group LLP now owns 124,551 shares of the company’s stock valued at $498,000 after acquiring an additional 4,747 shares in the last quarter. Geode Capital Management LLC increased its stake in Solid Biosciences by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 509,802 shares of the company’s stock valued at $2,040,000 after acquiring an additional 4,932 shares during the last quarter. American Century Companies Inc. increased its stake in Solid Biosciences by 10.6% in the first 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. Finally, Charles Schwab Investment Management Inc. increased its holdings in Solid Biosciences by 8.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 68,607 shares of the company’s stock worth $254,000 after buying an additional 5,220 shares during the last quarter. Hedge funds and other institutional investors 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.