UBS Group Upgrades Solid Biosciences (NASDAQ:SLDB) to Strong-Buy

Solid Biosciences (NASDAQ:SLDB) was upgraded by stock analysts at UBS Group to a “strong-buy” rating in a research note issued to investors on Wednesday, Zacks reports.

A number of other research analysts have also recently commented on SLDB. Cantor Fitzgerald upped their price objective on Solid Biosciences from $16.00 to $26.00 and gave the company an “overweight” rating in a report on Thursday, August 27th. Royal Bank Of Canada started coverage on Solid Biosciences in a research report on Wednesday, September 16th. They issued an “outperform” rating and a $18.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Biosciences in a research report on Thursday. Truist Financial upped their price target on Solid Biosciences from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, August 21st. Finally, Wall Street Zen upgraded Solid Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.79.

Solid Biosciences Trading Down 3.7%

SLDB stock traded down $0.21 during trading on Wednesday, reaching $5.53. 1,401,828 shares of the stock were exchanged, compared to its average volume of 1,547,287. The firm has a market capitalization of $592.93 million, a price-to-earnings ratio of -2.90 and a beta of 2.47. The business has a 50 day moving average price of $8.42 and a 200-day moving average price of $8.18. Solid Biosciences has a 1 year low of $3.79 and a 1 year high of $11.45.

Solid Biosciences (NASDAQ:SLDB) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.46) by $0.08. On average, research analysts anticipate that Solid Biosciences will post -1.66 EPS for the current year.

Hedge Funds Weigh In On Solid Biosciences

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp purchased a new position in shares of Solid Biosciences during the 2nd quarter worth approximately $2,429,000. Dimensional Fund Advisors LP increased its holdings in Solid Biosciences by 40.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 956,135 shares of the company’s stock valued at $6,877,000 after purchasing an additional 277,051 shares during the last quarter. Redmile Group LLC raised its position in Solid Biosciences by 8.1% in the first quarter. Redmile Group LLC now owns 2,011,895 shares of the company’s stock valued at $14,486,000 after purchasing an additional 151,353 shares during the period. Stempoint Capital LP purchased a new stake in Solid Biosciences in the first quarter valued at approximately $1,407,000. Finally, Janus Henderson Group PLC purchased a new stake in Solid Biosciences in the first quarter valued at approximately $28,877,000. 81.46% of the stock is currently owned by institutional investors and hedge funds.

About Solid Biosciences

Solid Biosciences Inc is a biotechnology company focused on developing genetic medicines for patients with rare diseases. The company’s research platform is centered on adeno-associated virus (AAV) gene therapy and other genetic medicine technologies intended to address the underlying causes of disease.

Solid Biosciences’ lead program is SGT-003, an investigational gene therapy being developed for Duchenne muscular dystrophy, a severe inherited neuromuscular disorder. The company is also developing additional programs for rare cardiac and neuromuscular conditions, including SGT-501 for BAG3-associated dilated cardiomyopathy.