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Just weeks into its life as a publicly traded company, Solid Biosciences Inc (NASDAQ:SLDB) caught the eyes of four analysts who assumed coverage Tuesday with a mix of Holds and Buys.
Here is what one of the more bearish critics had to say.
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The Rating
Goldman Sachs analyst Salveen Richter initiated coverage on Solid Biosciences with a Neutral rating and a $31 price target.
The Thesis
The biotech company’s Duchenne muscular dystrophy portfolio is led by SGT-001, a gene therapy competing with Sarepta Therapeutics Inc (NASDAQ:SRPT) and Pfizer Inc. (NYSE:PFE)-Bamboo treatments.
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Solid Biosciences will release Phase 1/2 interim data for its candidate in the first half of 2019 to be clinically compared with Sarepta’s interim Phase 1/2 results delivering proof of concept in the back half of 2018.
“We acknowledge SGT-001 could be a game-changing therapy for DMD patients and estimate $3.1 billion in global risk-unadjusted peak sales,” Richter wrote in a Tuesday note.
By his assessment, risks include a lack of near-term drivers coupled with ambiguity around resolution of the FDA’s partial clinical hold on high-dose manufacturing; safe, systemic administration at a high dose; and ownership of intellectual property for the AAV9 delivery method.
Price Action
At time of publication, shares of Solid Biosciences were trading down 3 percent at $24.19.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.