Solid Biosciences (NASDAQ:SLDB) Sees Unusually-High Trading Volume – Here’s What Happened

Solid Biosciences Inc. (NASDAQ:SLDB) shares saw an uptick in trading volume on Thursday . 825,296 shares changed hands during trading, a decline of 34% from the previous session’s volume of 1,255,844 shares.The stock last traded at $7.5840 and had previously closed at $7.31.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SLDB shares. Piper Sandler reissued an “overweight” rating and set a $18.00 target price (up from $17.00) on shares of Solid Biosciences in a research report on Wednesday, May 13th. JPMorgan Chase & Co. increased their target price on shares of Solid Biosciences from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Wednesday, March 25th. Truist Financial raised shares of Solid Biosciences to a “strong-buy” rating in a research report on Monday, April 27th. Chardan Capital restated a “buy” rating and set a $15.00 price target on shares of Solid Biosciences in a research note on Friday, March 20th. Finally, Guggenheim assumed coverage on shares of Solid Biosciences in a research note on Friday, March 20th. They set a “buy” rating and a $26.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Solid Biosciences Trading Up 6.0%

The company’s fifty day moving average is $7.35 and its 200 day moving average is $6.64. The company has a market cap of $762.99 million, a P/E ratio of -3.97 and a beta of 2.43.

Solid Biosciences (NASDAQ:SLDB) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.12). Analysts anticipate that Solid Biosciences Inc. will post -1.9 EPS for the current year.

Institutional Investors Weigh In On Solid Biosciences

A number of large investors have recently modified their holdings of the stock. Perceptive Advisors LLC boosted its stake in shares of Solid Biosciences by 0.6% during the 1st quarter. Perceptive Advisors LLC now owns 11,906,646 shares of the company’s stock valued at $85,728,000 after purchasing an additional 73,107 shares in the last quarter. Bank of America Corp DE lifted its position in Solid Biosciences by 12.3% during the 1st quarter. Bank of America Corp DE now owns 386,793 shares of the company’s stock valued at $2,785,000 after acquiring an additional 42,499 shares during the period. Stempoint Capital LP purchased a new position in shares of Solid Biosciences during the first quarter valued at approximately $1,407,000. Janus Henderson Group PLC bought a new stake in shares of Solid Biosciences in the 1st quarter worth approximately $28,877,000. Finally, Ally Bridge Group NY LLC boosted its position in shares of Solid Biosciences by 85.4% in the 1st quarter. Ally Bridge Group NY LLC now owns 766,974 shares of the company’s stock worth $5,522,000 after purchasing an additional 353,349 shares in the last quarter. Institutional investors own 81.46% of the company’s stock.

About Solid Biosciences

Solid Biosciences Inc is a clinical‐stage biotechnology company focused on the development of therapies for Duchenne muscular dystrophy (DMD), a rare genetic disorder characterized by progressive muscle degeneration. The company’s primary approach centers on gene replacement and gene editing technologies designed to restore functional dystrophin protein in patients lacking this critical muscle‐stabilizing protein.

Solid’s lead investigational therapy, SGT‐001, is a micro‐dystrophin gene therapy candidate engineered to deliver a shortened but functional form of the dystrophin gene using an adeno‐associated virus (AAV) vector.