Solid Biosciences (NASDAQ:SLDB) Earns Buy Rating from Analysts at Truist Financial

Truist Financial assumed coverage on shares of Solid Biosciences (NASDAQ:SLDB) in a research note issued on Friday, MarketBeat Ratings reports. The firm set a “buy” rating and a $20.00 price target on the stock. Truist Financial’s target price suggests a potential upside of 111.86% from the company’s current price.

A number of other research firms also recently issued reports on SLDB. Wedbush cut their price target on Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Wall Street Zen raised shares of Solid Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Biosciences in a report on Friday, July 17th. 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 note on Wednesday, May 13th. Finally, HC Wainwright boosted 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. Ten 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, Solid Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.40.

Solid Biosciences Stock Up 3.7%

SLDB traded up $0.34 during mid-day trading on Friday, reaching $9.44. 47,288 shares of the company traded hands, compared to its average volume of 1,388,214. The company’s fifty day moving average price is $8.97 and its 200-day moving average price is $7.73. The stock has a market capitalization of $1.01 billion, a P/E ratio of -4.94 and a beta of 2.41. Solid Biosciences has a 52-week low of $3.79 and a 52-week high of $11.45.

Solid Biosciences (NASDAQ:SLDB) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.46) by $0.08. As a group, sell-side analysts forecast that Solid Biosciences will post -1.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Solid Biosciences

Several institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC purchased a new stake in Solid Biosciences in the 1st quarter worth $418,000. Goldman Sachs Group Inc. grew its position in shares of Solid Biosciences by 32.2% during the first quarter. Goldman Sachs Group Inc. now owns 180,137 shares of the company’s stock valued at $667,000 after purchasing an additional 43,910 shares in the last quarter. Woodline Partners LP bought a new stake in shares of Solid Biosciences in the first quarter worth about $2,338,000. Creative Planning bought a new stake in shares of Solid Biosciences in the second quarter worth about $57,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Solid Biosciences by 111.1% in the second quarter. JPMorgan Chase & Co. now owns 34,379 shares of the company’s stock worth $167,000 after purchasing an additional 18,094 shares during the last quarter. 81.46% of the stock is owned by hedge funds and other institutional investors.

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.