Piper upgrades Solid Biosciences to Overweight, still sees ‘significant upside’

Piper Sandler upgraded Solid Biosciences to Overweight from Neutral with a price target of $20, up from $8. While stating “we wish we would have done this a few months ago, when the stock was trading in the $2-3/sh range,” the analyst thinks there is still “significant upside from here in the relatively near-term” ahead of a first look at ‘003 safety data at mid-year followed by initial efficacy data in Q4. Both of these are “critical events for the stock that we believe have been meaningfully de-risked based on preclinical data,” the analyst tells investors.