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H.C. Wainwright reiterated its Buy rating and $20.00 price target on Solid Biosciences (NASDAQ:SLDB), currently trading at $5.02 with a market capitalization of $389 million, on Monday following safety concerns with a competitor’s Duchenne muscular dystrophy (DMD) treatment. According to InvestingPro data, analysts maintain a Strong Buy consensus on the stock, which has shown resilience with a 25.5% gain year-to-date. The reaffirmation comes after Sarepta (NASDAQ:SRPT) disclosed on June 15 a second patient death due to acute liver failure following treatment with its drug Elevidys.
In response to the fatalities, which involved non-ambulatory patients aged 15 and 16 years, Sarepta has suspended Elevidys shipments for non-ambulatory patients and paused dosing in its ENVISION confirmatory study. According to Elevidys’ label, approximately 40% of patients treated with the drug experienced acute liver injury, evidenced by elevated liver enzymes.
H.C. Wainwright highlighted the contrasting safety profile of Solid Biosciences’ SGT-003 gene therapy. The firm noted that as of March 7, GGT levels in all seven patients treated with SGT-003 remained within normal limits at all timepoints post-dosing, while AST and ALT decreased by 45% and 54%, respectively, at Day 90 in the first three patients treated.
The research firm also pointed out that Sarepta is evaluating intensive immunosuppression regimens for Elevidys, potentially including sirolimus. This contrasts with SGT-003, which relies solely on prophylactic corticosteroids without additional intensive immunomodulatory agents. InvestingPro analysis shows Solid Biosciences maintains a strong financial position with a current ratio of 10.89, indicating ample liquidity to support its clinical programs.
H.C. Wainwright concluded that SGT-003 has "the most favorable safety profile among the leading DMD gene therapies either in clinic or in the market," supporting its maintained Buy rating and 12-month price target of $20 per share for Solid Biosciences. With a beta of 2.22, SLDB shows higher volatility than the broader market, presenting both risks and opportunities. Discover more insights about Solid Biosciences and access comprehensive analysis through the detailed Pro Research Report, available exclusively on InvestingPro.
In other recent news, Solid Biosciences has been the focus of multiple analyst reports and financial updates. Truist Securities reiterated a Buy rating for the company, maintaining a price target of $16, citing progress in its gene therapy programs for Duchenne muscular dystrophy (DMD), Friedreich’s ataxia (FA), and catecholaminergic polymorphic ventricular tachycardia (CPVT). Piper Sandler adjusted its price target for Solid Biosciences to $17, down from $20, but kept an Overweight rating following the company’s first-quarter financial results. Jefferies also lowered their price target to $15 from $16 while maintaining a Buy rating, emphasizing the company’s adherence to program timelines and financial stability with $307 million in cash reserves.
JMP Securities maintained a Market Outperform rating with a $15 price target, highlighting promising clinical data for Solid Biosciences’ SGT-003 therapy. The company is preparing for significant regulatory discussions with the FDA later in the year. Additionally, Solid Biosciences is advancing its clinical programs with the anticipated submission of an Investigational New Drug (IND) application for CPVT and the launch of a Phase 1b study for FA.
Meanwhile, a shakeup at the FDA has impacted the broader biotech sector, including Solid Biosciences, following the resignation of Dr. Peter Marks, the FDA’s top vaccine official. This development has raised concerns about potential changes in the FDA’s regulatory approach, affecting investor sentiment across the sector. Despite this, Solid Biosciences continues to progress with its gene therapy initiatives, with analysts closely monitoring its upcoming milestones.
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