Brokerages Set Solid Biosciences Inc. (NASDAQ:SLDB) PT at $17.00

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) have earned an average rating of “Moderate Buy” from the twelve ratings firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, ten have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $17.00.

Several analysts recently weighed in on SLDB shares. JPMorgan Chase & Co. upped their price target on Solid Biosciences from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 25th. Chardan Capital reissued a “buy” rating and issued a $15.00 target price on shares of Solid Biosciences in a report on Friday, March 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Biosciences in a research note on Tuesday, April 21st. Wall Street Zen raised Solid Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday. Finally, Piper Sandler reiterated an “overweight” rating and issued a $18.00 price target (up from $17.00) on shares of Solid Biosciences in a research note on Wednesday, May 13th.

Solid Biosciences Price Performance

Shares of NASDAQ SLDB opened at $11.15 on Wednesday. Solid Biosciences has a 1 year low of $3.79 and a 1 year high of $11.45. The firm has a 50-day moving average of $7.74 and a 200 day moving average of $7.04. The stock has a market cap of $1.10 billion, a P/E ratio of -5.72 and a beta of 2.36.

Solid Biosciences (NASDAQ:SLDB) last announced its quarterly earnings data 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). Research analysts expect that Solid Biosciences will post -1.9 earnings per share for the current fiscal year.

Institutional Trading of Solid Biosciences

Several institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC purchased a new stake in Solid Biosciences during the first quarter valued at $28,877,000. Vestal Point Capital LP increased its position in shares of Solid Biosciences by 95.5% during the 4th quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock valued at $32,797,000 after purchasing an additional 2,840,000 shares during the last quarter. Armistice Capital LLC increased its position in shares of Solid Biosciences by 179.1% during the 4th quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock valued at $14,732,000 after purchasing an additional 1,676,000 shares during the last quarter. Nantahala Capital Management LLC lifted its stake in shares of Solid Biosciences by 505.4% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock worth $8,295,000 after purchasing an additional 1,421,968 shares during the period. Finally, Monashee Investment Management LLC bought a new position in shares of Solid Biosciences in the 4th quarter worth approximately $7,613,000. 81.46% of the stock is currently owned by hedge funds and other institutional investors.

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.