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

Solid Biosciences (NASDAQ:SLDB) was upgraded by Royal Bank Of Canada to a “moderate buy” rating in a research note issued to investors on Wednesday, Zacks reports.

Several other research analysts also recently issued reports on SLDB. HC Wainwright reiterated a “buy” rating and set 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. Cantor Fitzgerald upped their target price on shares of Solid Biosciences from $16.00 to $26.00 and gave the stock an “overweight” rating in a research report on Thursday, August 27th. Truist Financial increased their price target on shares of Solid Biosciences from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, August 21st. Finally, Loop Capital set a $25.00 price target on shares of Solid Biosciences in a report on Monday. Twelve research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

Solid Biosciences Trading Up 4.2%

NASDAQ:SLDB opened at $8.72 on Wednesday. The stock has a market capitalization of $934.96 million, a P/E ratio of -4.57 and a beta of 2.44. Solid Biosciences has a 1 year low of $3.79 and a 1 year high of $11.45. The firm has a 50 day moving average of $9.11 and a 200-day moving average of $8.17.

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

Institutional Trading of Solid Biosciences

Hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in shares of Solid Biosciences by 40.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 956,135 shares of the company’s stock valued at $6,877,000 after buying an additional 277,051 shares during the period. Redmile Group LLC grew its stake in Solid Biosciences by 8.1% in the first quarter. Redmile Group LLC now owns 2,011,895 shares of the company’s stock valued at $14,486,000 after acquiring an additional 151,353 shares during the period. Stempoint Capital LP bought a new stake in shares of Solid Biosciences in the first quarter worth about $1,407,000. Janus Henderson Group PLC bought a new stake in shares of Solid Biosciences in the first quarter worth about $28,877,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Solid Biosciences during the second quarter worth about $2,429,000. 81.46% of the stock is currently owned by institutional investors and hedge funds.

Solid Biosciences Company Profile

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.