Solid Biosciences (NASDAQ:SLDB) Hits New 12-Month High – Still a Buy?

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) reached a new 52-week high on Tuesday . The company traded as high as $9.78 and last traded at $9.8040, with a volume of 248058 shares. The stock had previously closed at $9.47.

Analysts Set New Price Targets

A number of equities research analysts have commented on SLDB shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Biosciences in a research note on Tuesday, April 21st. JPMorgan Chase & Co. upped their target price on Solid Biosciences from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 25th. Chardan Capital reiterated a “buy” rating and issued a $15.00 target price on shares of Solid Biosciences in a report on Friday, March 20th. Needham & Company LLC reissued a “buy” rating and issued a $19.00 price target on shares of Solid Biosciences in a research report on Friday, March 20th. Finally, Wedbush reduced their price target on shares of Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $17.00.

Solid Biosciences Stock Performance

The company’s 50 day moving average price is $7.52 and its 200-day moving average price is $6.89. The stock has a market cap of $1.00 billion, a P/E ratio of -5.23 and a beta of 2.36.

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 analysts’ consensus estimates of ($0.40) by ($0.12). On average, analysts forecast that Solid Biosciences Inc. will post -1.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Solid Biosciences

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

Solid Biosciences Company Profile

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.