Solid Biosciences (NASDAQ:SLDB) Trading Up 9.6% – Still a Buy?

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) shot up 9.6% on Thursday . The stock traded as high as $7.15 and last traded at $7.2430. 746,351 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 1,215,304 shares. The stock had previously closed at $6.61.

Wall Street Analyst Weigh In

SLDB has been the subject of several research analyst reports. Truist Financial raised Solid Biosciences to a “strong-buy” rating in a research report on Monday, April 27th. Guggenheim started coverage on shares of Solid Biosciences in a report on Friday, March 20th. They set a “buy” rating and a $26.00 price objective for the company. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price objective (up from $17.00) on shares of Solid Biosciences in a research report on Wednesday, May 13th. Wall Street Zen downgraded shares of Solid Biosciences from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $19.00 price objective on shares of Solid Biosciences in a research note on Friday, March 20th. One research 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. Based on data from MarketBeat, Solid Biosciences currently has an average rating of “Moderate Buy” and an average price target of $17.00.

Solid Biosciences Trading Up 7.0%

The stock’s fifty day moving average is $7.37 and its two-hundred day moving average is $6.57. The firm has a market cap of $696.24 million, a P/E ratio of -3.62 and a beta of 2.43.

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

Institutional Trading of Solid Biosciences

Hedge funds have recently bought and sold shares of the company. Legal & General Group Plc lifted its position in Solid Biosciences by 208.6% in the second quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock valued at $29,000 after purchasing an additional 4,063 shares during the last quarter. Creative Planning purchased a new position in shares of Solid Biosciences during the second quarter valued at approximately $57,000. Russell Investments Group Ltd. lifted its stake in Solid Biosciences by 142.0% in the third quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock worth $63,000 after acquiring an additional 5,991 shares during the period. Polymer Capital Management US LLC bought a new stake in Solid Biosciences in the third quarter valued at $94,000. Finally, Fox Run Management L.L.C. purchased a new position in Solid Biosciences during the 3rd quarter valued at $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.