Solid Biosciences (NASDAQ:SLDB) Reaches New 52-Week High – Should You Buy?

Solid Biosciences Inc. (NASDAQ:SLDB) shares hit a new 52-week high during trading on Monday . The company traded as high as $11.21 and last traded at $10.9980, with a volume of 98549 shares trading hands. The stock had previously closed at $10.84.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Truist Financial upgraded shares of Solid Biosciences to a “strong-buy” rating in a research report on Monday, April 27th. Guggenheim began coverage on shares of Solid Biosciences in a research note on Friday, March 20th. They issued a “buy” rating and a $26.00 price target for the company. Wedbush decreased their price objective on shares of Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research note on Tuesday, April 21st. Finally, Chardan Capital restated a “buy” rating and issued a $15.00 target price on shares of Solid Biosciences in a research report on Friday, March 20th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Solid Biosciences has an average rating of “Moderate Buy” and an average price target of $17.00.

Solid Biosciences Stock Performance

The stock’s fifty day simple moving average is $7.74 and its two-hundred day simple moving average is $7.04. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -5.72 and a beta of 2.36.

Solid Biosciences (NASDAQ:SLDB) last released its earnings results on Tuesday, May 12th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.12). On average, equities analysts anticipate that Solid Biosciences Inc. will post -1.9 EPS for the current fiscal year.

Institutional Investors Weigh In On Solid Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of SLDB. Perceptive Advisors LLC lifted its holdings in shares of Solid Biosciences by 0.6% during the first quarter. Perceptive Advisors LLC now owns 11,906,646 shares of the company’s stock valued at $85,728,000 after purchasing an additional 73,107 shares during the last quarter. Bank of America Corp DE raised its holdings in Solid Biosciences by 12.3% during the 1st quarter. Bank of America Corp DE now owns 386,793 shares of the company’s stock worth $2,785,000 after buying an additional 42,499 shares during the period. Stempoint Capital LP purchased a new stake in Solid Biosciences during the first quarter valued at about $1,407,000. Janus Henderson Group PLC purchased a new stake in Solid Biosciences during the first quarter valued at about $28,877,000. Finally, Ally Bridge Group NY LLC boosted its holdings in shares of Solid Biosciences by 85.4% in the first quarter. Ally Bridge Group NY LLC now owns 766,974 shares of the company’s stock worth $5,522,000 after buying an additional 353,349 shares during the period. Institutional investors and hedge funds own 81.46% of the company’s stock.

About Solid Biosciences

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.