Solid Biosciences (NASDAQ:SLDB) Hits New 12-Month High – Still a Buy?

Solid Biosciences Inc. (NASDAQ:SLDB) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $9.19 and last traded at $8.79, with a volume of 3142441 shares traded. The stock had previously closed at $8.30.

Analyst Ratings Changes

Several research analysts recently commented on SLDB shares. Truist Financial raised Solid Biosciences to a “strong-buy” rating in a research note on Monday, April 27th. Guggenheim began coverage on shares of Solid Biosciences in a report on Friday, March 20th. They set a “buy” rating and a $26.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research report on Tuesday, April 21st. Wedbush decreased their price target on shares of 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, Piper Sandler restated an “overweight” rating and set a $18.00 price target (up from $17.00) on shares of Solid Biosciences in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Solid Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Solid Biosciences Price Performance

The stock has a market cap of $865.38 million, a price-to-earnings ratio of -4.51 and a beta of 2.43. The firm has a fifty day moving average of $7.39 and a 200 day moving average of $6.73.

Solid Biosciences (NASDAQ:SLDB) last released its quarterly earnings data 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). Research analysts anticipate that Solid Biosciences Inc. will post -1.9 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Legal & General Group Plc grew its holdings in shares of 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 period. Creative Planning purchased a new position in Solid Biosciences during the second quarter worth about $57,000. Russell Investments Group Ltd. raised its stake in Solid Biosciences by 142.0% during the third quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock worth $63,000 after purchasing an additional 5,991 shares during the period. Polymer Capital Management US LLC acquired a new position in Solid Biosciences in the 3rd quarter valued at about $94,000. Finally, Fox Run Management L.L.C. acquired a new position in Solid Biosciences in the 3rd quarter valued at about $114,000. Institutional investors and hedge funds 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.