Solid Biosciences (NASDAQ:SLDB) Trading Down 6.7% – Here’s Why

Solid Biosciences Inc. (NASDAQ:SLDB)’s stock price was down 6.7% during mid-day trading on Thursday . The company traded as low as $9.15 and last traded at $9.0830. 103,143 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 1,390,282 shares. The stock had previously closed at $9.74.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wall Street Zen upgraded Solid Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. HC Wainwright lifted their price objective on Solid Biosciences from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Piper Sandler reissued an “overweight” rating and set a $18.00 price objective (up from $17.00) on shares of Solid Biosciences in a research report on Wednesday, May 13th. Truist Financial boosted their price objective on Solid Biosciences from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Wedbush cut their target price on shares of Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Ten research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.40.

Solid Biosciences Stock Performance

The company’s 50-day moving average price is $9.01 and its 200-day moving average price is $7.74. The firm has a market capitalization of $997.15 million, a PE ratio of -4.87 and a beta of 2.41.

Solid Biosciences (NASDAQ:SLDB) last posted its earnings results on Thursday, August 6th. The company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.46) by $0.08. As a group, analysts anticipate that Solid Biosciences Inc. will post -1.72 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC acquired a new stake in shares of Solid Biosciences during the 1st quarter worth about $418,000. Goldman Sachs Group Inc. boosted its holdings in Solid Biosciences by 32.2% in the first quarter. Goldman Sachs Group Inc. now owns 180,137 shares of the company’s stock valued at $667,000 after purchasing an additional 43,910 shares in the last quarter. Woodline Partners LP acquired a new position in Solid Biosciences in the first quarter valued at approximately $2,338,000. Creative Planning purchased a new position in Solid Biosciences in the second quarter valued at approximately $57,000. Finally, JPMorgan Chase & Co. increased its stake in Solid Biosciences by 111.1% in the second quarter. JPMorgan Chase & Co. now owns 34,379 shares of the company’s stock valued at $167,000 after purchasing an additional 18,094 shares during the last quarter. Hedge funds and other institutional investors own 81.46% of the company’s stock.

Solid Biosciences Company Profile

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.