Solid Biosciences (NASDAQ:SLDB) Stock Jumps 6.6% – Here’s What Happened

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. UBS Group started coverage on shares of Solid Biosciences in a research note on Wednesday. They set a “buy” rating and a $20.00 target price for the company. Wall Street Zen upgraded shares of Solid Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Royal Bank Of Canada assumed coverage on shares of Solid Biosciences in a research note on Wednesday, September 16th. They issued an “outperform” rating and a $18.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Biosciences in a report on Thursday. Finally, Loop Capital set a $25.00 price objective on Solid Biosciences in a research report on Monday, September 14th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.79.

Solid Biosciences Stock Performance

The business’s fifty day moving average price is $8.42 and its two-hundred day moving average price is $8.19. The stock has a market capitalization of $628.20 million, a P/E ratio of -3.07 and a beta of 2.47.

Solid Biosciences (NASDAQ:SLDB) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.38) EPS for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.08. As a group, analysts forecast that Solid Biosciences Inc. will post -1.66 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SLDB. Engineers Gate Manager LP boosted its holdings in Solid Biosciences by 34.5% during the 2nd quarter. Engineers Gate Manager LP now owns 28,915 shares of the company’s stock valued at $289,000 after acquiring an additional 7,410 shares during the period. Hsbc Holdings PLC grew its position in Solid Biosciences by 78.4% in the 1st quarter. Hsbc Holdings PLC now owns 39,511 shares of the company’s stock valued at $284,000 after acquiring an additional 17,360 shares during the last quarter. AXQ Capital LP purchased a new stake in Solid Biosciences in the second quarter worth $197,000. Wellington Management Group LLP increased its stake in Solid Biosciences by 14.9% in the second quarter. Wellington Management Group LLP now owns 185,365 shares of the company’s stock worth $1,852,000 after purchasing an additional 24,087 shares during the period. Finally, Bank of America Corp DE increased its stake in Solid Biosciences by 12.3% in the first quarter. Bank of America Corp DE now owns 386,793 shares of the company’s stock worth $2,785,000 after purchasing an additional 42,499 shares during the period. 81.46% of the stock is owned by hedge funds and other 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.