Solid Biosciences (NASDAQ:SLDB) Trading 9.6% Higher – Here’s Why

Solid Biosciences Inc. (NASDAQ:SLDB) shares shot up 9.6% on Thursday . The company traded as high as $7.15 and last traded at $7.2430. 746,351 shares were traded during trading, a decline of 39% from the average session volume of 1,215,304 shares. The stock had previously closed at $6.61.

Wall Street Analysts Forecast Growth

SLDB has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price target on shares of Solid Biosciences from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 25th. Guggenheim assumed coverage on Solid Biosciences in a research report on Friday, March 20th. They set a “buy” rating and a $26.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $19.00 target price on shares of Solid Biosciences in a report on Friday, March 20th. Truist Financial upgraded Solid Biosciences to a “strong-buy” rating in a research note on Monday, April 27th. Finally, Piper Sandler restated an “overweight” rating and set a $18.00 price target (up from $17.00) on shares of Solid Biosciences in a research report on Wednesday, May 13th. One research 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.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Solid Biosciences Stock Performance

The stock has a market cap of $696.24 million, a PE ratio of -3.62 and a beta of 2.43. The business’s fifty day moving average price is $7.37 and its 200-day moving average price is $6.57.

Solid Biosciences (NASDAQ:SLDB) last released its quarterly 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). Analysts forecast that Solid Biosciences Inc. will post -1.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Solid Biosciences

Institutional investors have recently bought and sold shares of the stock. Perceptive Advisors LLC increased its position in Solid Biosciences by 0.6% in the first quarter. Perceptive Advisors LLC now owns 11,906,646 shares of the company’s stock worth $85,728,000 after buying an additional 73,107 shares in the last quarter. Siren L.L.C. increased its stake in shares of Solid Biosciences by 3.7% in the fourth quarter. Siren L.L.C. now owns 7,690,405 shares of the company’s stock worth $43,374,000 after purchasing an additional 274,500 shares in the last quarter. Vestal Point Capital LP raised its position in shares of Solid Biosciences by 95.5% during the 4th quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock valued at $32,797,000 after purchasing an additional 2,840,000 shares during the period. Janus Henderson Group PLC purchased a new position in shares of Solid Biosciences during the 1st quarter valued at $28,877,000. Finally, Armistice Capital LLC boosted its holdings in Solid Biosciences by 179.1% in the 4th quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock worth $14,732,000 after buying an additional 1,676,000 shares during the period. 81.46% of the stock is 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.