Solid Biosciences (NASDAQ:SLDB) Stock Price Up 5.5% – Should You Buy?

Solid Biosciences Inc. (NASDAQ:SLDB) shares were up 5.5% during mid-day trading on Tuesday . The company traded as high as $9.74 and last traded at $9.6650. 101,707 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 1,382,737 shares. The stock had previously closed at $9.16.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. HC Wainwright boosted their price objective on shares of Solid Biosciences from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 target price (up from $17.00) on shares of Solid Biosciences in a report on Wednesday, May 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research report on Friday, July 17th. Truist Financial upped their price target on Solid Biosciences from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Friday. Finally, Wall Street Zen raised Solid Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Ten analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $17.40.

Solid Biosciences Stock Up 5.4%

The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -5.05 and a beta of 2.41. The business has a 50 day moving average of $9.05 and a 200 day moving average of $7.77.

Solid Biosciences (NASDAQ:SLDB) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.08. Research analysts predict that Solid Biosciences Inc. will post -1.72 earnings per share for the current year.

Hedge Funds Weigh In On Solid Biosciences

A number of large investors have recently bought and sold shares of SLDB. Dimensional Fund Advisors LP increased its position in shares of Solid Biosciences by 40.8% in the first quarter. Dimensional Fund Advisors LP now owns 956,135 shares of the company’s stock worth $6,877,000 after acquiring an additional 277,051 shares in the last quarter. Redmile Group LLC increased its holdings in Solid Biosciences by 8.1% during the 1st quarter. Redmile Group LLC now owns 2,011,895 shares of the company’s stock worth $14,486,000 after purchasing an additional 151,353 shares during the last quarter. Stempoint Capital LP bought a new position in Solid Biosciences during the 1st quarter valued at $1,407,000. Janus Henderson Group PLC bought a new stake in Solid Biosciences in the first quarter valued at about $28,877,000. Finally, Monashee Investment Management LLC acquired a new stake in shares of Solid Biosciences during the 4th quarter valued at approximately $7,613,000. Hedge funds and other 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.