Leerink starts Solid Biosciences at OP; PT $36


Leerink initiated coverage of Solid Biosciences (NASDAQ:SLDB) with an “outperform” rating and $36 price target. The stock closed at $24.93 on Feb. 16.

“We are encouraged by the preclinical data generated for Solid's lead gene therapy program, SGT-001, for Duchenne muscular dystrophy (DMD),” writes analyst Joseph Schwartz.

“We believe that the optimized pangenotypic drug candidate, which was systematically bred for stability and muscle force development in mice for over three decades, could translate to meaningful results with curative potential addressing almost all patients with DMD,” he added.

The company expects to report an interim analysis with biopsy and clinical measures from its recently initiated Phase1/2 IGNITE study for SGT-001 in the first half of 2019.

“We believe data from Solid's gene therapy program(s) could have positive read through to Solid in the second half of 2018, and Solid may also choose to release some patient-level data earlier,” Mr. Schwartz said.

The company's second program, SB-001 (anti-LTBP4 antibody for DMD), is slated to begin preclinical development in 2018.