Solid Biosciences (NASDAQ:SLDB) Stock Falls 4.7% – Here’s Why

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) traded down 4.7% during trading on Tuesday. The stock traded as low as $6.92 and last traded at $6.9350. 305,566 shares were traded during mid-day trading, a decline of 77% from the average session volume of 1,357,378 shares. The stock had previously closed at $7.28.

Analyst Ratings Changes

Several research analysts recently commented on the company. Royal Bank Of Canada assumed coverage on Solid Biosciences in a research note on Wednesday, September 16th. They set an “outperform” rating and a $18.00 target price for the company. 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, August 21st. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 target price on shares of Solid Biosciences in a report on Monday, September 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a report on Friday, July 17th. Finally, Cantor Fitzgerald increased their price objective on shares of Solid Biosciences from $16.00 to $26.00 and gave the company an “overweight” rating in a research report on Thursday, August 27th. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $18.69.

Solid Biosciences Stock Performance

The firm has a 50-day moving average price of $8.84 and a two-hundred day moving average price of $8.25. The firm has a market cap of $775.20 million, a price-to-earnings ratio of -3.79 and a beta of 2.44.

Solid Biosciences (NASDAQ:SLDB) last announced its quarterly 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. Research analysts anticipate that Solid Biosciences Inc. will post -1.66 earnings per share for the current year.

Institutional Trading of Solid Biosciences

Institutional investors have recently modified their holdings of the business. Perceptive Advisors LLC boosted its position 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 worth $85,728,000 after purchasing an additional 73,107 shares in the last quarter. Janus Henderson Group PLC purchased a new position in Solid Biosciences in the 1st quarter valued at approximately $28,877,000. Armistice Capital LLC boosted its position in Solid Biosciences by 179.1% during the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock worth $14,732,000 after purchasing an additional 1,676,000 shares in the last quarter. Redmile Group LLC increased its position in shares of Solid Biosciences by 8.1% in the first quarter. Redmile Group LLC now owns 2,011,895 shares of the company’s stock valued at $14,486,000 after buying an additional 151,353 shares in the last quarter. Finally, Monashee Investment Management LLC boosted its position in shares of Solid Biosciences by 5.2% in the 1st quarter. Monashee Investment Management LLC now owns 1,420,295 shares of the company’s stock worth $10,226,000 after buying an additional 70,524 shares in the last quarter. 81.46% of the stock is currently owned by hedge funds and other institutional investors.

About Solid Biosciences

Solid Biosciences Inc (NASDAQ:SLDB) is a biotechnology company developing genetic medicines for neuromuscular and cardiac diseases. The company combines gene therapy, genetic medicine and manufacturing technologies to design treatments intended to address the underlying causes of serious inherited disorders.

Solid’s lead program is SGT-003, an investigational gene therapy being developed for Duchenne muscular dystrophy, a progressive genetic disease that causes muscle degeneration. The company is also advancing SGT-501, an investigational gene therapy for BAG3-associated dilated cardiomyopathy, a rare inherited heart condition.