JMP Securities Reaffirms Market Outperform Rating for Solid Biosciences (NASDAQ:SLDB)

Solid Biosciences (NASDAQ:SLDB)‘s stock had its “market outperform” rating reissued by JMP Securities in a research note issued on Friday,Benzinga reports. They presently have a $15.00 price objective on the stock. JMP Securities’ price target would suggest a potential upside of 230.40% from the stock’s current price.

Several other brokerages have also commented on SLDB. Piper Sandler decreased their price objective on Solid Biosciences from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, May 16th. JPMorgan Chase & Co. decreased their price objective on Solid Biosciences from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $16.00 price objective on shares of Solid Biosciences in a report on Thursday, May 22nd. Barclays reduced their target price on Solid Biosciences from $15.00 to $10.00 and set an “overweight” rating for the company in a research note on Friday, May 16th. Finally, HC Wainwright raised their target price on Solid Biosciences from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Ten analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Solid Biosciences has a consensus rating of “Buy” and an average target price of $14.90.

Solid Biosciences Trading Up 6.8%

Shares of SLDB opened at $4.54 on Friday. Solid Biosciences has a 12 month low of $2.41 and a 12 month high of $10.37. The stock has a fifty day moving average price of $3.12 and a 200-day moving average price of $3.97. The firm has a market cap of $351.92 million, a PE ratio of -1.49 and a beta of 2.22.

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

Institutional Investors Weigh In On Solid Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its position in Solid Biosciences by 9,393.8% during the 4th quarter. JPMorgan Chase & Co. now owns 955,932 shares of the company’s stock worth $3,824,000 after purchasing an additional 945,863 shares during the period. Renaissance Technologies LLC grew its position in Solid Biosciences by 12.7% during 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 grew its position in Solid Biosciences by 4.0% during 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 grew its position in Solid Biosciences by 10.5% during the 4th quarter. Rhumbline Advisers now owns 43,677 shares of the company’s stock worth $175,000 after purchasing an additional 4,161 shares during the period. Finally, Prudential Financial Inc. grew its position in shares of Solid Biosciences by 71.3% during the 4th quarter. Prudential Financial Inc. now owns 109,105 shares of the company’s stock valued at $436,000 after acquiring an additional 45,400 shares during the period. 81.46% of the stock is owned by institutional investors and hedge funds.

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.