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

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

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Truist Financial upgraded shares of Solid Biosciences to a “strong-buy” rating in a report on Monday, April 27th. Guggenheim assumed coverage on shares of Solid Biosciences in a report on Friday, March 20th. They issued a “buy” rating and a $26.00 target price on the stock. JPMorgan Chase & Co. lifted their price target on Solid Biosciences from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Wednesday, March 25th. Piper Sandler reissued an “overweight” rating and set a $18.00 price objective (up from $17.00) on shares of Solid Biosciences in a report on Wednesday, May 13th. Finally, Wedbush lowered their price objective on Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Solid Biosciences Price Performance

The firm’s fifty day moving average is $7.40 and its two-hundred day moving average is $6.76. The firm has a market capitalization of $910.66 million, a PE ratio of -4.74 and a beta of 2.43.

Solid Biosciences (NASDAQ:SLDB) last posted its earnings results on Tuesday, May 12th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.12). As a group, equities research analysts predict that Solid Biosciences Inc. will post -1.9 EPS for the current fiscal year.

Institutional Investors Weigh In On Solid Biosciences

Hedge funds have recently made changes to their positions in the business. Boxer Capital Management LLC bought a new position in Solid Biosciences during the third quarter valued at about $3,702,000. UBS Group AG boosted its stake in Solid Biosciences by 25.9% in the fourth quarter. UBS Group AG now owns 911,409 shares of the company’s stock valued at $5,140,000 after acquiring an additional 187,264 shares during the last quarter. Monashee Investment Management LLC bought a new position in shares of Solid Biosciences during the 4th quarter valued at approximately $7,613,000. Fisher Asset Management LLC purchased a new stake in shares of Solid Biosciences during the 4th quarter worth approximately $584,000. Finally, Armistice Capital LLC lifted its stake in Solid Biosciences by 179.1% in the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock valued at $14,732,000 after purchasing an additional 1,676,000 shares during the last quarter. 81.46% of the stock is currently owned by institutional investors.

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.