Solid Biosciences (NASDAQ:SLDB) Lifted to “Buy” at Chardan Capital

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Chardan Capital upgraded shares of Solid Biosciences (NASDAQ:SLDB) from a neutral rating to a buy rating in a research note published on Friday morning, AnalystRatings.com reports. They currently have $10.00 price objective on the stock, up from their previous price objective of $7.50.

“We thus now upgrade SLDB from Neutral to Buy, increasing our PT from $7.50 to $10, ahead of Solid’s anticipated IGNITE DMD data update later this year. The risks surrounding SGT-001 are well-known to the market, and any improvements in the market’s view of SGT-001 safety and/or efficacy (e.g. with the IGNITE DMD data update later this year) could lead to significant share price momentum. Recall, Solid has reported adverse events in prior patients dosed with SGT-001. Solid announced the FDA placed a clinical hold on the IGNITE trial after a patient experienced decreased platelet counts, evidence of complement activation and reduced blood cell counts.”,” Chardan Capital’s analyst commented.

SLDB has been the subject of a number of other research reports. Zacks Investment Research upgraded Solid Biosciences from a sell rating to a hold rating in a research report on Wednesday, July 17th. Citigroup set a $6.00 price objective on Solid Biosciences and gave the company a hold rating in a research report on Thursday, May 16th. Goldman Sachs Group lowered Solid Biosciences from a neutral rating to a sell rating and reduced their price target for the stock from $5.00 to $4.00 in a research report on Tuesday, May 14th. Credit Suisse Group lowered Solid Biosciences from a neutral rating to an underperform rating and reduced their price target for the stock from $7.00 to $6.00 in a research report on Tuesday, May 14th. Finally, ValuEngine upgraded Solid Biosciences from a hold rating to a buy rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $6.85.

NASDAQ:SLDB opened at $8.81 on Friday. Solid Biosciences has a 12-month low of $4.32 and a 12-month high of $54.54. The firm has a market capitalization of $217.74 million, a P/E ratio of -3.92 and a beta of 2.07. The company has a debt-to-equity ratio of 0.08, a current ratio of 5.73 and a quick ratio of 6.99. The business has a 50 day simple moving average of $5.52 and a 200 day simple moving average of $8.02.

Solid Biosciences (NASDAQ:SLDB) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.76) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.81) by $0.05. Research analysts anticipate that Solid Biosciences will post -3.05 EPS for the current fiscal year.

In other Solid Biosciences news, Director Life Sciences Maste Perceptive purchased 2,822,581 shares of Solid Biosciences stock in a transaction on Thursday, July 25th. The stock was bought at an average price of $4.65 per share, for a total transaction of $13,125,001.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 31.20% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. Metropolitan Life Insurance Co. NY boosted its position in Solid Biosciences by 356.6% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,160 shares of the company’s stock worth $111,000 after acquiring an additional 3,249 shares during the period. Atria Investments LLC bought a new stake in shares of Solid Biosciences in the 2nd quarter worth $472,000. Northern Trust Corp raised its stake in shares of Solid Biosciences by 2.3% in the 4th quarter. Northern Trust Corp now owns 170,652 shares of the company’s stock worth $4,573,000 after buying an additional 3,804 shares in the last quarter. Quantamental Technologies LLC bought a new stake in shares of Solid Biosciences in the 2nd quarter worth $42,000. Finally, Trexquant Investment LP raised its stake in shares of Solid Biosciences by 70.4% in the 2nd quarter. Trexquant Investment LP now owns 24,074 shares of the company’s stock worth $138,000 after buying an additional 9,947 shares in the last quarter. Institutional investors own 59.18% of the company’s stock.

About Solid Biosciences

Solid Biosciences Inc, a life science company, engages in identifying and developing therapies for duchenne muscular dystrophy (DMD) in the United States. The company's lead product candidate is SGT-001, an adeno-associated viral vector-mediated gene transfer, which is in a Phase I/II clinical trial to restore functional dystrophin protein expression in patients' muscles.

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