Solid Biosciences Llc Gets a Buy Rating from Chardan Capital

In a report released today, Gbola Amusa from Chardan Capital assigned a Buy rating to Solid Biosciences Llc (NASDAQ: SLDB), with a price target of $60. The company’s shares closed on Friday at $43.11.

Amusa wrote:

“We note Solid incorporated a randomized control into the initial trial design of its phase I/II IGNITE DMD trial. The delayed treatment control is matched for both age and disease severity, providing an internal natural history control. Finally, the trial, although phase I/II, is powered to show significant differences from baseline to 12 months post-treatment in levels of microdystrophin, which the company believes will be an acceptable surrogate endpoint for FDA approval. (Given new and supportive FDA guidance for gene therapies, we wonder if IGNITE DMD could be the basis of a filing if breakthrough results follow.) There is room in DMD for all 3 competing GTs to “win” big.”

According to TipRanks.com, Amusa is a top 100 analyst with an average return of 29.1% and a 57.8% success rate. Amusa covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Nightstar Therapeutics Limited, and Applied Genetic Technologies.

Currently, the analyst consensus on Solid Biosciences Llc is a Moderate Buy with an average price target of $49.

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Based on Solid Biosciences Llc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $15.88 million. In comparison, last year the company had a GAAP net loss of $14.74 million.

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Solid Biosciences, Inc. engages in the development of treatments for patients with Duchenne muscular dystrophy. It develops gene therapies, disease modifying therapies, and assistive devices for the cure of DMD. The company was founded by Ilan Ganot, Andrey Zarur, and Gilad Hayeem in March 2013 and is headquartered in Cambridge, MA.