Needham initiated coverage of Solid Biosciences (SLDB) with a Buy rating and $16 price target. The firm believes the recent deaths in two non-ambulatory Duchenne muscular dystrophy patients on Sarepta’s (SRPT) Elevidys calls into question the drug’s benefit/risk profile and may provide an opening for emerging competitors such as Solid’s gene therapy SGT-003. SGT-003 is designed to minimize liver toxicity without compromising on efficacy and its early results show robust microdystrophin expression, the analyst tells investors in a research note.
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