Solid Biosciences (NASDAQ:SLDB) Hits New 52-Week High – Time to Buy?

Solid Biosciences Inc. (NASDAQ:SLDB)’s stock price hit a new 52-week high on Monday . The company traded as high as $11.21 and last traded at $10.9980, with a volume of 98549 shares traded. The stock had previously closed at $10.84.

Analyst Ratings Changes

SLDB has been the topic of several recent analyst reports. Chardan Capital reissued a “buy” rating and set a $15.00 target price on shares of Solid Biosciences in a report on Friday, March 20th. Wall Street Zen raised Solid Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday. JPMorgan Chase & Co. upped their price objective on Solid Biosciences from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Wednesday, March 25th. Wedbush lowered their target price on Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Finally, Guggenheim started coverage on shares of Solid Biosciences in a research report on Friday, March 20th. They issued a “buy” rating and a $26.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Solid Biosciences Stock Performance

The firm has a market capitalization of $1.08 billion, a P/E ratio of -5.59 and a beta of 2.36. The firm has a 50 day moving average price of $7.62 and a two-hundred day moving average price of $6.96.

Solid Biosciences (NASDAQ:SLDB) last issued its earnings results on Tuesday, May 12th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.12). Equities research analysts forecast that Solid Biosciences Inc. will post -1.9 earnings per share for the current fiscal year.

Institutional Trading of Solid Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of SLDB. Legal & General Group Plc lifted its stake in Solid Biosciences by 208.6% during the second quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock valued at $29,000 after buying an additional 4,063 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of 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 in the last quarter. Creative Planning acquired a new stake in shares of Solid Biosciences during the second quarter valued at approximately $57,000. Polymer Capital Management US LLC acquired a new stake in shares of Solid Biosciences during the third quarter valued at approximately $94,000. Finally, Jain Global LLC purchased a new stake in shares of Solid Biosciences in the 4th quarter valued at approximately $114,000. Institutional investors and hedge funds own 81.46% of the company’s stock.

About Solid Biosciences

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.