Solid Biosciences (NASDAQ:SLDB) Upgraded by Citigroup to Strong-Buy Rating

Solid Biosciences (NASDAQ:SLDB) was upgraded by investment analysts at Citigroup to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $16.00 target price on shares of Solid Biosciences in a research report on Thursday, May 22nd. Wedbush cut their price objective on shares of Solid Biosciences from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Friday, May 16th. JPMorgan Chase & Co. reduced their target price on shares of Solid Biosciences from $12.00 to $11.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Piper Sandler lowered their target price on shares of Solid Biosciences from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, May 16th. Finally, Barclays cut their price target on shares of Solid Biosciences from $15.00 to $10.00 and set an “overweight” rating on the stock in a report on Friday, May 16th. Nine investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, Solid Biosciences currently has an average rating of “Buy” and a consensus price target of $15.10.

Solid Biosciences Price Performance

Shares of NASDAQ SLDB opened at $4.81 on Thursday. The stock has a market capitalization of $372.82 million, a P/E ratio of -1.61 and a beta of 2.22. The company has a 50-day moving average price of $3.63 and a 200-day moving average price of $3.91. Solid Biosciences has a 1 year low of $2.41 and a 1 year high of $10.37.

Solid Biosciences (NASDAQ:SLDB) last announced its quarterly earnings results on Thursday, May 15th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.06). As a group, equities research analysts anticipate that Solid Biosciences will post -2.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Solid Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in Solid Biosciences by 9,393.8% in the fourth quarter. JPMorgan Chase & Co. now owns 955,932 shares of the company’s stock valued at $3,824,000 after acquiring an additional 945,863 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Solid Biosciences by 12.7% in the 4th quarter. Renaissance Technologies LLC now owns 82,493 shares of the company’s stock worth $330,000 after purchasing an additional 9,281 shares during the period. Wellington Management Group LLP raised its holdings in shares of Solid Biosciences by 4.0% in the 4th quarter. Wellington Management Group LLP now owns 124,551 shares of the company’s stock worth $498,000 after purchasing an additional 4,747 shares during the period. Rhumbline Advisers lifted its stake in Solid Biosciences by 10.5% in the fourth quarter. Rhumbline Advisers now owns 43,677 shares of the company’s stock valued at $175,000 after purchasing an additional 4,161 shares during the last quarter. Finally, Prudential Financial Inc. grew its holdings in Solid Biosciences by 71.3% during the fourth 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. Institutional investors 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.