Solid Biosciences (NASDAQ:SLDB) Shares Climb 6.6% – Here’s Why

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) shot up 6.6% during mid-day trading on Monday. The company traded as high as $5.88 and last traded at $5.8950. Approximately 760,541 shares changed hands during trading, a decline of 44% from the average session volume of 1,367,300 shares. The stock had previously closed at $5.53.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Wall Street Zen raised shares of Solid Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Biosciences in a research report on Thursday, October 15th. Loop Capital set a $25.00 price objective on shares of Solid Biosciences in a report on Monday, September 14th. Royal Bank Of Canada assumed coverage on shares of Solid Biosciences in a report on Wednesday, September 16th. They set an “outperform” rating and a $18.00 price objective on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $25.00 price objective on shares of Solid Biosciences in a research report on Monday, September 14th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.79.

Solid Biosciences Price Performance

The firm has a market capitalization of $686.24 million, a price-to-earnings ratio of -3.35 and a beta of 2.47. The business has a 50 day moving average of $8.31 and a 200 day moving average of $8.18.

Solid Biosciences (NASDAQ:SLDB) last posted its quarterly 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. On average, sell-side analysts forecast that Solid Biosciences Inc. will post -1.66 EPS for the current fiscal year.

Hedge Funds Weigh In On Solid Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in SLDB. Engineers Gate Manager LP lifted its stake in Solid Biosciences by 34.5% during the second quarter. Engineers Gate Manager LP now owns 28,915 shares of the company’s stock worth $289,000 after purchasing an additional 7,410 shares during the period. AXQ Capital LP acquired a new stake in Solid Biosciences during the second quarter valued at approximately $197,000. Wellington Management Group LLP boosted its holdings in Solid Biosciences by 14.9% during the second quarter. Wellington Management Group LLP now owns 185,365 shares of the company’s stock valued at $1,852,000 after purchasing an additional 24,087 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Solid Biosciences during the second quarter valued at approximately $2,429,000. Finally, Perceptive Advisors LLC grew its stake in shares of Solid Biosciences by 0.6% in the 1st quarter. Perceptive Advisors LLC now owns 11,906,646 shares of the company’s stock valued at $85,728,000 after purchasing an additional 73,107 shares during the period. 81.46% of the stock is owned by institutional investors.

About Solid Biosciences

Solid Biosciences Inc is a biotechnology company focused on developing genetic medicines for patients with rare diseases. The company’s research platform is centered on adeno-associated virus (AAV) gene therapy and other genetic medicine technologies intended to address the underlying causes of disease.

Solid Biosciences’ lead program is SGT-003, an investigational gene therapy being developed for Duchenne muscular dystrophy, a severe inherited neuromuscular disorder. The company is also developing additional programs for rare cardiac and neuromuscular conditions, including SGT-501 for BAG3-associated dilated cardiomyopathy.