Solid Biosciences (NASDAQ:SLDB) Upgraded by Chardan Capital to Buy

Solid Biosciences (NASDAQ:SLDB) was upgraded by analysts at Chardan Capital from a “neutral” rating to a “buy” rating in a report issued on Friday, MarketBeat Ratings reports. The firm currently has a $10.00 price objective on the stock, up from their prior price objective of $7.50. Chardan Capital’s price target would indicate a potential upside of 62.60% from the company’s current price.

The analysts wrote, “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.””

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

Shares of Solid Biosciences stock opened at $6.15 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 6.99 and a current ratio of 6.99. The firm’s 50-day simple moving average is $5.45 and its 200-day simple moving average is $8.02. Solid Biosciences has a twelve month low of $4.32 and a twelve month high of $54.54. The firm has a market cap of $183.05 million, a P/E ratio of -2.73 and a beta of 2.07.

Solid Biosciences (NASDAQ:SLDB) last issued its earnings results on Wednesday, August 14th. The company reported ($0.76) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.05. On average, equities analysts forecast that Solid Biosciences will post -3.09 earnings per share for the current fiscal year.

In other news, Director Life Sciences Maste Perceptive purchased 2,822,581 shares of Solid Biosciences stock in a transaction on Thursday, July 25th. The shares were purchased at an average cost of $4.65 per share, for a total transaction of $13,125,001.65. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 31.20% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the business. Quantamental Technologies LLC bought a new position in shares of Solid Biosciences in the second quarter worth about $42,000. Cubist Systematic Strategies LLC bought a new position in shares of Solid Biosciences in the second quarter worth about $70,000. Capital Fund Management S.A. bought a new position in shares of Solid Biosciences in the second quarter worth about $107,000. Parametric Portfolio Associates LLC bought a new position in shares of Solid Biosciences in the second quarter worth about $109,000. Finally, Metropolitan Life Insurance Co. NY raised its stake in shares of Solid Biosciences by 356.6% in the fourth 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 last quarter. Hedge funds and other institutional investors own 59.18% of the company’s stock.

Solid Biosciences Company Profile

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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Analyst Recommendations for Solid Biosciences (NASDAQ:SLDB)

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