Solid Biosciences (NASDAQ:SLDB) Shares Up 5.3% – Should You Buy?

Solid Biosciences Inc. (NASDAQ:SLDB) shares shot up 5.3% during trading on Tuesday . The company traded as high as $8.80 and last traded at $8.7360. 126,102 shares traded hands during trading, a decline of 91% from the average daily volume of 1,375,029 shares. The stock had previously closed at $8.30.

Analyst Ratings Changes

A number of equities research analysts have commented on SLDB shares. Chardan Capital reiterated a “buy” rating and set a $15.00 target price on shares of Solid Biosciences in a report on Friday, March 20th. Piper Sandler reissued 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. Guggenheim initiated coverage on Solid Biosciences in a research note on Friday, March 20th. They set a “buy” rating and a $26.00 price objective for the company. Wedbush reduced their price objective on Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Finally, Wall Street Zen cut shares of Solid Biosciences from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Solid Biosciences Stock Up 6.5%

The firm has a market capitalization of $870.30 million, a price-to-earnings ratio of -4.52 and a beta of 2.43. The firm’s 50 day moving average is $7.37 and its 200 day moving average is $6.71.

Solid Biosciences (NASDAQ:SLDB) last issued its earnings results 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). On average, sell-side analysts predict that Solid Biosciences Inc. will post -1.9 earnings per share for the current year.

Hedge Funds Weigh In On Solid Biosciences

A number of hedge funds have recently modified their holdings of the stock. Legal & General Group Plc raised its position in shares of Solid Biosciences by 208.6% during the second quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock worth $29,000 after purchasing an additional 4,063 shares during the period. Creative Planning purchased a new position in Solid Biosciences in the 2nd quarter worth about $57,000. Russell Investments Group Ltd. raised its holdings in Solid Biosciences by 142.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock worth $63,000 after buying an additional 5,991 shares during the period. Polymer Capital Management US LLC acquired a new stake in Solid Biosciences during the 3rd quarter worth about $94,000. Finally, Fox Run Management L.L.C. acquired a new stake in Solid Biosciences during the 3rd quarter worth about $114,000. 81.46% of the stock is currently owned by institutional investors and hedge funds.

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.