Solid Biosciences (NASDAQ:SLDB) Reaches New 52-Week High – Should You Buy?

Solid Biosciences Inc. (NASDAQ:SLDB) shares hit a new 52-week high on Tuesday . The stock traded as high as $9.78 and last traded at $9.8040, with a volume of 248058 shares. The stock had previously closed at $9.47.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SLDB shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research note on Tuesday, April 21st. Chardan Capital reissued a “buy” rating and set a $15.00 price target on shares of Solid Biosciences in a research report on Friday, March 20th. Wall Street Zen downgraded Solid Biosciences from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. 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 report on Wednesday, June 3rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $19.00 price objective on shares of Solid Biosciences in a report on Friday, March 20th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $17.00.

Solid Biosciences Trading Up 9.3%

The business’s 50 day simple moving average is $7.46 and its 200 day simple moving average is $6.83. The company has a market cap of $1.02 billion, a P/E ratio of -5.30 and a beta of 2.43.

Solid Biosciences (NASDAQ:SLDB) last posted its earnings results on Tuesday, May 12th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.12). Sell-side analysts anticipate that Solid Biosciences Inc. will post -1.9 EPS for the current year.

Institutional Trading of Solid Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. MetLife Investment Management LLC increased its holdings in Solid Biosciences by 10.4% in the fourth quarter. MetLife Investment Management LLC now owns 33,202 shares of the company’s stock valued at $187,000 after buying an additional 3,124 shares in the last quarter. Legal & General Group Plc lifted its holdings in 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 in the last quarter. Intech Investment Management LLC boosted its stake in Solid Biosciences by 15.2% during the 4th quarter. Intech Investment Management LLC now owns 34,485 shares of the company’s stock worth $194,000 after purchasing an additional 4,539 shares during the last quarter. Russell Investments Group Ltd. raised 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 valued at $63,000 after buying an additional 5,991 shares during the last quarter. Finally, Fox Run Management L.L.C. lifted its stake in shares of Solid Biosciences by 35.1% in the fourth quarter. Fox Run Management L.L.C. now owns 25,005 shares of the company’s stock worth $141,000 after buying an additional 6,491 shares in the last quarter. 81.46% of the stock is currently owned by institutional investors and hedge funds.

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.