Solid Biosciences (NASDAQ:SLDB) Trading Up 0.5% – Here’s Why

Solid Biosciences Inc. (NASDAQ:SLDB) shares traded up 0.5% on Wednesday . The company traded as high as $5.85 and last traded at $5.64. 440,868 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 2,818,590 shares. The stock had previously closed at $5.61.

Analysts Set New Price Targets

A number of analysts have commented on the stock. JMP Securities initiated coverage on shares of Solid Biosciences in a research note on Tuesday, December 10th. They set an “outperform” rating and a $15.00 price objective for the company. Citizens Jmp upgraded shares of Solid Biosciences to a “strong-buy” rating in a research report on Tuesday, December 10th. Chardan Capital reiterated a “buy” rating and set a $16.00 price objective on shares of Solid Biosciences in a research report on Friday, March 7th. Wedbush started coverage on Solid Biosciences in a report on Friday, December 13th. They issued an “outperform” rating and a $16.00 target price for the company. Finally, Truist Financial started coverage on Solid Biosciences in a report on Wednesday, January 8th. They set a “buy” rating and a $16.00 price target on the stock. Nine investment analysts have rated the stock with a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $15.80.

Solid Biosciences Trading Up 1.9 %

The firm’s fifty day moving average price is $4.12 and its 200-day moving average price is $5.47. The company has a market cap of $436.32 million, a P/E ratio of -1.88 and a beta of 1.98.

Hedge Funds Weigh In On Solid Biosciences

Several large investors have recently added to or reduced their stakes in SLDB. Vestal Point Capital LP lifted its position in shares of Solid Biosciences by 1.8% during the 4th quarter. Vestal Point Capital LP now owns 2,850,000 shares of the company’s stock worth $11,400,000 after buying an additional 50,000 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of 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 in the last quarter. Redmile Group LLC acquired a new stake in shares of Solid Biosciences in the 4th quarter valued at $2,461,000. Geode Capital Management LLC grew its stake in Solid Biosciences by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 509,802 shares of the company’s stock worth $2,040,000 after buying an additional 4,932 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its holdings in shares of Solid Biosciences by 292.8% during the third quarter. Point72 Asset Management L.P. now owns 443,010 shares of the company’s stock worth $3,088,000 after buying an additional 330,234 shares in the last quarter. 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.