Solid Biosciences (NASDAQ:SLDB) Shares Down 4.7% – Here’s Why

Solid Biosciences Inc. (NASDAQ:SLDB)’s stock price fell 4.7% on Tuesday. The stock traded as low as $6.92 and last traded at $6.9350. Approximately 305,566 shares traded hands during trading, a decline of 77% from the average session volume of 1,357,378 shares. The stock had previously closed at $7.28.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SLDB shares. Truist Financial increased their target price on Solid Biosciences from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, August 21st. Loop Capital set a $25.00 price target on shares of Solid Biosciences in a report on Monday, September 14th. Royal Bank Of Canada began coverage on shares of Solid Biosciences in a research report on Wednesday, September 16th. They set an “outperform” rating and a $18.00 price objective for the company. Wall Street Zen upgraded shares of Solid Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. Finally, Cantor Fitzgerald raised their price objective on shares of Solid Biosciences from $16.00 to $26.00 and gave the stock an “overweight” rating in a 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Solid Biosciences Stock Down 3.5%

The stock has a fifty day moving average of $8.88 and a 200-day moving average of $8.26. The firm has a market capitalization of $753.22 million, a P/E ratio of -3.67 and a beta of 2.44.

Solid Biosciences (NASDAQ:SLDB) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.46) by $0.08. Sell-side analysts predict that Solid Biosciences Inc. will post -1.66 EPS for the current fiscal year.

Institutional Investors Weigh In On Solid Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Perceptive Advisors LLC grew its holdings in shares of Solid Biosciences by 0.6% in the 1st quarter. Perceptive Advisors LLC now owns 11,906,646 shares of the company’s stock valued at $85,728,000 after acquiring an additional 73,107 shares in the last quarter. Janus Henderson Group PLC acquired a new position in Solid Biosciences during the first 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 valued at $14,732,000 after purchasing an additional 1,676,000 shares during the last quarter. Redmile Group LLC grew its stake in 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 purchasing an additional 151,353 shares in the last quarter. Finally, Monashee Investment Management LLC grew its stake in Solid Biosciences by 5.2% in the first quarter. Monashee Investment Management LLC now owns 1,420,295 shares of the company’s stock valued at $10,226,000 after purchasing an additional 70,524 shares in the last quarter. 81.46% of the stock is currently owned by institutional investors and hedge funds.

Solid Biosciences Company Profile

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.