Solid Biosciences (NASDAQ:SLDB) Upgraded to Moderate Buy at Royal Bank Of Canada

Royal Bank Of Canada upgraded shares of Solid Biosciences (NASDAQ:SLDB) to a moderate buy rating in a research report report published on Wednesday morning,Zacks reports.

Other equities analysts have also recently issued research reports about the company. Cantor Fitzgerald lifted their target price on Solid Biosciences from $16.00 to $26.00 and gave the stock an “overweight” rating in a report on Thursday, August 27th. HC Wainwright restated a “buy” rating and issued a $25.00 price target on shares of Solid Biosciences in a research report on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Biosciences in a research note on Friday, July 17th. Wall Street Zen upgraded shares of Solid Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 4th. Finally, Truist Financial boosted their price objective on shares of Solid Biosciences from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, August 21st. Twelve equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $18.69.

Solid Biosciences Trading Up 4.2%

Shares of NASDAQ:SLDB opened at $8.72 on Wednesday. The company has a market cap of $934.96 million, a price-to-earnings ratio of -4.57 and a beta of 2.44. Solid Biosciences has a 12 month low of $3.79 and a 12 month high of $11.45. The company has a 50-day moving average price of $9.11 and a 200 day moving average price of $8.17.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Perceptive Advisors LLC raised its holdings in shares of 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 during the period. Janus Henderson Group PLC purchased a new position in Solid Biosciences during the 1st quarter valued at $28,877,000. Armistice Capital LLC grew its position in Solid Biosciences by 179.1% in the 4th quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock valued at $14,732,000 after acquiring an additional 1,676,000 shares during the last quarter. Redmile Group LLC grew its holdings in shares of Solid Biosciences by 8.1% in the first quarter. Redmile Group LLC now owns 2,011,895 shares of the company’s stock worth $14,486,000 after purchasing an additional 151,353 shares during the last quarter. Finally, Monashee Investment Management LLC lifted its holdings in Solid Biosciences by 5.2% during the 1st quarter. Monashee Investment Management LLC now owns 1,420,295 shares of the company’s stock valued at $10,226,000 after buying an additional 70,524 shares in the last quarter. Institutional investors own 81.46% of the company’s stock.

About Solid Biosciences

Solid Biosciences Inc (NASDAQ:SLDB) is a biotechnology company developing genetic medicines for neuromuscular and cardiac diseases. The company combines gene therapy, genetic medicine and manufacturing technologies to design treatments intended to address the underlying causes of serious inherited disorders.

Solid’s lead program is SGT-003, an investigational gene therapy being developed for Duchenne muscular dystrophy, a progressive genetic disease that causes muscle degeneration. The company is also advancing SGT-501, an investigational gene therapy for BAG3-associated dilated cardiomyopathy, a rare inherited heart condition.