Brokerages Set Solid Biosciences Inc. (NASDAQ:SLDB) PT at $17.11

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) have received an average recommendation of “Moderate Buy” from the eleven research firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $17.1111.

Several research analysts recently weighed in on the stock. Truist Financial upgraded shares of Solid Biosciences to a “strong-buy” rating in a research report on Monday, April 27th. Piper Sandler reiterated an “overweight” rating and set a $18.00 target price (up from $17.00) on shares of Solid Biosciences in a research report on Wednesday, May 13th. Wall Street Zen raised shares of Solid Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Wedbush decreased their price target on shares of Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Finally, HC Wainwright raised their price objective on shares of Solid Biosciences from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd.

Solid Biosciences Stock Down 5.1%

Shares of NASDAQ SLDB opened at $8.06 on Friday. The firm has a market capitalization of $793.51 million, a P/E ratio of -4.13 and a beta of 2.36. The stock’s 50-day simple moving average is $8.41 and its two-hundred day simple moving average is $7.44. Solid Biosciences has a twelve month low of $3.79 and a twelve month high of $11.45.

Solid Biosciences (NASDAQ:SLDB) last released its quarterly 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). As a group, research analysts anticipate that Solid Biosciences will post -1.9 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc lifted its stake in Solid Biosciences by 208.6% during the second quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock worth $29,000 after purchasing an additional 4,063 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Solid Biosciences by 142.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock valued at $63,000 after purchasing an additional 5,991 shares during the last quarter. Creative Planning purchased a new position in shares of Solid Biosciences during the 2nd quarter valued at about $57,000. Polymer Capital Management US LLC purchased a new position in shares of Solid Biosciences during the 3rd quarter valued at about $94,000. Finally, Jain Global LLC bought a new stake in Solid Biosciences in the 4th quarter worth approximately $114,000. Institutional investors own 81.46% of the company’s stock.

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.