Solid Biosciences (NASDAQ:SLDB) Hits New 12-Month High – Still a Buy?

Solid Biosciences Inc. (NASDAQ:SLDB)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $9.19 and last traded at $8.79, with a volume of 3142441 shares changing hands. The stock had previously closed at $8.30.

Wall Street Analyst Weigh In

SLDB has been the subject of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $19.00 price objective on shares of Solid Biosciences in a research note on Friday, March 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Biosciences in a report on Tuesday, April 21st. Piper Sandler reiterated 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. JPMorgan Chase & Co. boosted their price target on Solid Biosciences from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Wednesday, March 25th. Finally, Guggenheim began coverage on Solid Biosciences in a report on Friday, March 20th. They issued a “buy” rating and a $26.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $17.00.

Solid Biosciences Trading Up 5.9%

The stock has a market capitalization of $865.38 million, a price-to-earnings ratio of -4.51 and a beta of 2.43. The stock has a 50-day moving average price of $7.39 and a 200 day moving average price of $6.73.

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 analysts’ consensus estimates of ($0.40) by ($0.12). Equities research analysts anticipate that Solid Biosciences Inc. will post -1.9 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SLDB. Legal & General Group Plc raised its position 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 acquiring an additional 4,063 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Solid Biosciences by 142.0% during the third quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock worth $63,000 after purchasing an additional 5,991 shares in the last quarter. Creative Planning acquired a new position in shares of Solid Biosciences during the 2nd quarter worth about $57,000. Polymer Capital Management US LLC purchased a new position in Solid Biosciences in the 3rd quarter valued at about $94,000. Finally, Fox Run Management L.L.C. purchased a new stake in Solid Biosciences during the 3rd quarter worth approximately $114,000. Hedge funds and other institutional investors own 81.46% of the company’s stock.

Solid Biosciences Company Profile

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.