Solid Biosciences (NASDAQ:SLDB) Stock Price Up 5.5% – Still a Buy?

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

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Wall Street Zen raised Solid Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. HC Wainwright raised their price target on shares of Solid Biosciences from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price target (up from $17.00) on shares of Solid Biosciences in a report on Wednesday, May 13th. Wedbush lowered their price objective on shares of Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Finally, Truist Financial increased their price objective on shares of Solid Biosciences from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, August 21st. Ten research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $17.40.

Solid Biosciences Stock Down 1.7%

The company has a market cap of $1.04 billion, a price-to-earnings ratio of -5.09 and a beta of 2.41. The firm has a 50 day moving average price of $9.15 and a two-hundred day moving average price of $7.82.

Solid Biosciences (NASDAQ:SLDB) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.08. On average, equities analysts expect that Solid Biosciences Inc. will post -1.67 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc boosted its stake in shares of Solid Biosciences by 208.6% in the 2nd 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 last quarter. Creative Planning bought a new position in Solid Biosciences during the second quarter worth $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 buying an additional 5,991 shares during the last quarter. Polymer Capital Management US LLC acquired a new position in Solid Biosciences in the third quarter valued at $94,000. Finally, Jain Global LLC acquired a new position in Solid Biosciences in the fourth quarter valued at $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.