Solid Biosciences Inc. (NASDAQ:SLDB) Given Average Recommendation of “Moderate Buy” by Brokerages

Solid Biosciences Inc. (NASDAQ:SLDB) has been assigned a consensus rating of “Moderate Buy” from the thirteen ratings firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation and twelve have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $18.6923.

A number of equities research analysts have commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Biosciences in a report on Friday, July 17th. Truist Financial upped their price objective on Solid Biosciences from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, August 21st. HC Wainwright reiterated a “buy” rating and set a $25.00 target price on shares of Solid Biosciences in a research report on Monday, September 14th. Royal Bank Of Canada assumed coverage on Solid Biosciences in a research note on Wednesday. They set an “outperform” rating and a $18.00 target price on the stock. Finally, Wall Street Zen upgraded Solid Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th.

Solid Biosciences Price Performance

Shares of NASDAQ SLDB opened at $8.91 on Monday. Solid Biosciences has a 1 year low of $3.79 and a 1 year high of $11.45. The stock has a market capitalization of $955.33 million, a P/E ratio of -4.66 and a beta of 2.44. The company’s 50-day moving average is $9.03 and its 200 day moving average is $8.20.

Solid Biosciences (NASDAQ:SLDB) last released its earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.08. Research analysts anticipate that Solid Biosciences will post -1.67 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Perceptive Advisors LLC lifted its position in 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 acquiring an additional 73,107 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Solid Biosciences during the first quarter worth approximately $28,877,000. Armistice Capital LLC boosted its stake in Solid Biosciences by 179.1% during the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock worth $14,732,000 after buying an additional 1,676,000 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. Finally, Monashee Investment Management LLC lifted its holdings in shares of Solid Biosciences by 5.2% in the 1st quarter. Monashee Investment Management LLC now owns 1,420,295 shares of the company’s stock worth $10,226,000 after acquiring an additional 70,524 shares during the last quarter. 81.46% of the stock is currently owned by institutional investors.

About Solid Biosciences

Solid Biosciences Inc (NASDAQ:SLDB) is a biotechnology company developing genetic medicines for neuromuscular and cardiac diseases. The company combines gene therapy, genetic medicine and manufacturing technologies to design treatments intended to address the underlying causes of serious inherited disorders.

Solid’s lead program is SGT-003, an investigational gene therapy being developed for Duchenne muscular dystrophy, a progressive genetic disease that causes muscle degeneration. The company is also advancing SGT-501, an investigational gene therapy for BAG3-associated dilated cardiomyopathy, a rare inherited heart condition.