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Investing.com - Citi has reiterated a Buy rating and $14.00 price target on Solid Biosciences (NASDAQ:SLDB) stock, which has surged over 70% in the past six months and currently trades at $5.58. The renewed rating comes following safety concerns with competitor Sarepta (NASDAQ:SRPT)’s Duchenne muscular dystrophy treatment Elevidys. According to InvestingPro data, analyst targets range from $10 to $20, suggesting significant upside potential.
The FDA recently announced an investigation into Elevidys after two non-ambulatory Duchenne patient deaths, resulting in a black box warning for the treatment in ambulatory patients.
Citi analyst Yigal Nochomovitz opened a 90-Day Upside Catalyst Call on Solid Biosciences, suggesting the company’s SGT-003 therapy could offer a differentiated safety profile compared to Elevidys.
The analyst highlighted that SGT-003 has not shown evidence of liver enzyme elevations following dosing in early trials, potentially positioning it as a safer alternative for both ambulatory and non-ambulatory patients.
Solid Biosciences’ therapy requires only a standard corticosteroid regimen, which Citi’s key opinion leaders believe could further differentiate it from Sarepta’s treatment that now faces additional safety protocols.
In other recent news, Solid Biosciences announced that the U.S. Food and Drug Administration (FDA) approved its Investigational New Drug (IND) application for SGT-501, a gene therapy targeting catecholaminergic polymorphic ventricular tachycardia (CPVT). The company plans to begin a Phase 1b clinical trial in late 2025 to assess the therapy’s safety and efficacy. Meanwhile, Cantor Fitzgerald reiterated its Overweight rating on Solid Biosciences, maintaining a $16.00 price target. The firm expressed optimism about the company’s gene therapy candidates for Duchenne muscular dystrophy (DMD) and other conditions. Citi also initiated coverage on Solid Biosciences with a buy rating and a $14.00 price target, citing potential in the DMD market. They highlighted the company’s promising risk/reward profile and noted the absence of liver toxicity in its SGT-003 therapy. Additionally, H.C. Wainwright reaffirmed its Buy rating and $20.00 price target, emphasizing the favorable safety profile of SGT-003 compared to a competitor’s treatment. These developments reflect growing interest and confidence in Solid Biosciences’ gene therapy pipeline.
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