Solid Biosciences (NASDAQ:SLDB) Stock Price Down 5.5% – Should You Sell?

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) were down 5.5% during trading on Tuesday. The company traded as low as $6.42 and last traded at $6.3410. 73,866 shares changed hands during trading, a decline of 95% from the average session volume of 1,347,584 shares. The stock had previously closed at $6.71.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. HC Wainwright reiterated a “buy” rating and issued a $25.00 target price on shares of Solid Biosciences in a report on Monday, September 14th. Truist Financial raised their price target on shares of Solid Biosciences from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, August 21st. Loop Capital set a $25.00 price objective on shares of Solid Biosciences in a research report on Monday, September 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research note on Friday, July 17th. Finally, Royal Bank Of Canada assumed coverage on shares of Solid Biosciences in a research note on Wednesday, September 16th. They issued an “outperform” rating and a $18.00 price objective on the stock. Twelve analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.69.

Solid Biosciences Stock Performance

The company’s 50 day moving average price is $8.65 and its 200 day moving average price is $8.23. The company has a market cap of $666.48 million, a price-to-earnings ratio of -3.27 and a beta of 2.47.

Solid Biosciences (NASDAQ:SLDB) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.08. On average, equities research analysts forecast that Solid Biosciences Inc. will post -1.66 EPS for the current fiscal year.

Hedge Funds Weigh In On Solid Biosciences

Several hedge funds have recently bought and sold shares of the business. Perceptive Advisors LLC raised its holdings in Solid Biosciences by 0.6% during the first quarter. Perceptive Advisors LLC now owns 11,906,646 shares of the company’s stock valued at $85,728,000 after buying an additional 73,107 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in shares of Solid Biosciences in the first quarter worth about $28,877,000. Armistice Capital LLC boosted its stake in shares of Solid Biosciences by 179.1% during the 4th quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock worth $14,732,000 after acquiring an additional 1,676,000 shares in the last quarter. Redmile Group LLC boosted its stake in shares of Solid Biosciences by 8.1% during the 1st quarter. Redmile Group LLC now owns 2,011,895 shares of the company’s stock worth $14,486,000 after acquiring an additional 151,353 shares in the last quarter. Finally, Monashee Investment Management LLC boosted its stake in shares of Solid Biosciences by 5.2% during the 1st quarter. Monashee Investment Management LLC now owns 1,420,295 shares of the company’s stock worth $10,226,000 after acquiring an additional 70,524 shares in the last quarter. 81.46% of the stock is owned by institutional investors and hedge funds.

About Solid Biosciences

Solid Biosciences Inc is a biotechnology company focused on developing genetic medicines for patients with rare diseases. The company’s research platform is centered on adeno-associated virus (AAV) gene therapy and other genetic medicine technologies intended to address the underlying causes of disease.

Solid Biosciences’ lead program is SGT-003, an investigational gene therapy being developed for Duchenne muscular dystrophy, a severe inherited neuromuscular disorder. The company is also developing additional programs for rare cardiac and neuromuscular conditions, including SGT-501 for BAG3-associated dilated cardiomyopathy.