On June 19, Solid Biosciences’ (SLDB) stock price rose ~46.6% to $43.00. On June 19, Solid Biosciences’ stock price hit a 52-week high of $54.84.
On June 19, Solid Biosciences’ stock price closed at $43.00, which reflected ~530% growth from its 52-week low of $6.83 on March 29.
Reason for the growth
On June 18, the FDA lifted the clinical hold on Solid Biosciences’ phase 1/2 IGNITE DMD clinical trial. Solid Biosciences was initiating the phase 1/2 clinical trial with its SGT-001, an investigational microdystrophin gene transfer therapy, to treat individuals with MD (Duchenne Muscular Dystrophy).
Previously, the FDA put a clinical hold on the phase 1/2 IGNITE DMD trial after Solid Biosciences reported SAE (serious adverse events) in the first patients who were given SGT-001. Administering SGT-001 reduced the platelet count and the RBC (red blood cell) count and caused temporary renal impairment and an indication of complement activation. With standard medical care, the patients remained clinically stable and the SAE resolved completely.
Solid Biosciences plans to reinitiate the trial with some changes to the previous protocol of the IGNITE DMD trial.
Of the five analysts tracking Solid Biosciences in June, one analyst recommended a “strong buy,” two analysts recommended a “buy,” one analyst recommended a “hold,” and one analyst recommended a “sell.”
On June 19, Solid Biosciences had a consensus 12-month target price of $32.63, which represents a decline of ~10.6% over the next 12 months.
Of 24 analysts tracking Vertex Pharmaceuticals (VRTX) in June, ~83% recommended a “buy.” Of the 25 analysts tracking Regeneron Pharmaceuticals (REGN), ~32% of the analysts recommended a “buy.” Of the eight analysts tracking Exelixis (EXEL) in June, ~88% of the analysts recommended a “buy.”
On June 19, Vertex Pharmaceuticals, Regeneron Pharmaceuticals, and Exelixis had consensus 12-month target prices of $191.45, $374.16, and $33.17, respectively, which represent a return on investment of ~23.2%, ~13.4%, and ~63% in the next 12 months.