Solid Biosciences Inc. (NASDAQ:SLDB) Receives Average Rating of “Buy” from Analysts

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) have been assigned a consensus recommendation of “Buy” from the twelve brokerages that are currently covering the firm, MarketBeat Ratings reports. Ten equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $15.10.

A number of analysts have commented on the stock. Wedbush cut their price target on shares of Solid Biosciences from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Friday, May 16th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $16.00 price target on shares of Solid Biosciences in a research note on Thursday, May 22nd. Barclays cut their price target on shares of Solid Biosciences from $15.00 to $10.00 and set an “overweight” rating for the company in a research note on Friday, May 16th. Citigroup began coverage on shares of Solid Biosciences in a research note on Thursday, June 26th. They issued a “buy” rating and a $14.00 price target for the company. Finally, JMP Securities restated a “market outperform” rating and set a $15.00 target price on shares of Solid Biosciences in a research note on Friday, June 6th.

Solid Biosciences Trading Down 1.5%

Solid Biosciences stock opened at $5.39 on Wednesday. The company has a market cap of $417.81 million, a P/E ratio of -1.80 and a beta of 2.34. Solid Biosciences has a 1-year low of $2.41 and a 1-year high of $10.37. The company has a fifty day simple moving average of $4.07 and a 200 day simple moving average of $3.97.

Solid Biosciences (NASDAQ:SLDB) last released its earnings results on Thursday, May 15th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.06). On average, equities research analysts forecast that Solid Biosciences will post -2.84 EPS for the current year.

Institutional Trading of Solid Biosciences

Hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its holdings in Solid Biosciences by 9,393.8% in the 4th quarter. JPMorgan Chase & Co. now owns 955,932 shares of the company’s stock valued at $3,824,000 after purchasing an additional 945,863 shares during the period. Renaissance Technologies LLC boosted its holdings in Solid Biosciences by 12.7% in the 4th quarter. Renaissance Technologies LLC now owns 82,493 shares of the company’s stock valued at $330,000 after purchasing an additional 9,281 shares during the period. Wellington Management Group LLP boosted its holdings in Solid Biosciences by 4.0% in the 4th quarter. Wellington Management Group LLP now owns 124,551 shares of the company’s stock valued at $498,000 after purchasing an additional 4,747 shares during the period. Prudential Financial Inc. boosted its holdings in Solid Biosciences by 71.3% in the 4th quarter. Prudential Financial Inc. now owns 109,105 shares of the company’s stock valued at $436,000 after purchasing an additional 45,400 shares during the period. Finally, Bank of America Corp DE boosted its holdings in Solid Biosciences by 87.9% in the 4th quarter. Bank of America Corp DE now owns 83,471 shares of the company’s stock valued at $334,000 after purchasing an additional 39,056 shares during the period. Institutional investors and hedge funds own 81.46% of the company’s stock.

About Solid Biosciences

Solid Biosciences Inc, a life science company, develops therapies for neuromuscular and cardiac diseases in the United States. The company's lead product candidate is SGT-003, a gene transfer candidate for the treatment of Duchenne muscular dystrophy; and SGT-501 to treat Catecholaminergic polymorphic ventricular tachycardia.