Solid Biosciences (NASDAQ:SLDB) Reaches New 12-Month High – What’s Next?

Solid Biosciences Inc. (NASDAQ:SLDB) shares hit a new 52-week high during trading on Monday . The company traded as high as $11.21 and last traded at $10.9980, with a volume of 98549 shares trading hands. The stock had previously closed at $10.84.

Analyst Ratings Changes

Several equities analysts have recently commented on SLDB shares. Needham & Company LLC restated a “buy” rating and set a $19.00 price target on shares of Solid Biosciences in a report on Friday, March 20th. HC Wainwright lifted their price objective on Solid Biosciences from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Wall Street Zen upgraded Solid Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 target price (up from $17.00) on shares of Solid Biosciences in a research report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. lifted 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. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Solid Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Solid Biosciences Stock Performance

The stock has a 50 day moving average of $7.62 and a two-hundred day moving average of $6.96. The firm has a market capitalization of $1.08 billion, a P/E ratio of -5.59 and a beta of 2.36.

Solid Biosciences (NASDAQ:SLDB) last announced its 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). Sell-side analysts predict that Solid Biosciences Inc. will post -1.9 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SLDB. Janus Henderson Group PLC acquired a new position in Solid Biosciences during the 1st quarter worth $28,877,000. Vestal Point Capital LP grew its position in shares of Solid Biosciences by 95.5% in the fourth 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 last quarter. Armistice Capital LLC increased its stake in shares of Solid Biosciences by 179.1% in the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock worth $14,732,000 after purchasing an additional 1,676,000 shares during the period. Nantahala Capital Management LLC increased its stake in shares of Solid Biosciences by 505.4% in the second quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock worth $8,295,000 after purchasing an additional 1,421,968 shares during the period. Finally, Monashee Investment Management LLC acquired a new position in shares of Solid Biosciences during the 4th quarter worth about $7,613,000. 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.