Solid Biosciences (NASDAQ:SLDB) Stock Price Down 7.9% – What’s Next?

Solid Biosciences Inc. (NASDAQ:SLDB)’s share price was down 7.9% on Thursday . The stock traded as low as $3.32 and last traded at $3.40. Approximately 757,581 shares traded hands during trading, a decline of 12% from the average daily volume of 858,388 shares. The stock had previously closed at $3.69.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SLDB shares. JPMorgan Chase & Co. reduced their price target on Solid Biosciences from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Wedbush assumed coverage on Solid Biosciences in a research note on Friday, December 13th. They issued an “outperform” rating and a $16.00 price target on the stock. JMP Securities began coverage on Solid Biosciences in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $15.00 target price on the stock. HC Wainwright upped their price target on shares of Solid Biosciences from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Finally, Citizens Jmp raised shares of Solid Biosciences to a “strong-buy” rating in a report on Tuesday, December 10th. Eight analysts have rated the stock with a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $15.67.

Solid Biosciences Price Performance

The company has a 50-day moving average price of $4.44 and a 200 day moving average price of $5.01. The firm has a market capitalization of $241.78 million, a PE ratio of -1.03 and a beta of 2.07.

Hedge Funds Weigh In On Solid Biosciences

Institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers boosted its holdings in shares of Solid Biosciences by 10.5% during the 4th quarter. Rhumbline Advisers now owns 43,677 shares of the company’s stock valued at $175,000 after purchasing an additional 4,161 shares during the last quarter. Barclays PLC boosted its stake in Solid Biosciences by 412.1% during the third quarter. Barclays PLC now owns 62,856 shares of the company’s stock valued at $439,000 after buying an additional 50,582 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in Solid Biosciences during the 3rd quarter valued at approximately $71,000. Point72 Asset Management L.P. increased its stake in Solid Biosciences by 292.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 443,010 shares of the company’s stock worth $3,088,000 after acquiring an additional 330,234 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Solid Biosciences during the 3rd quarter valued at approximately $121,000. 81.46% of the stock is owned by hedge funds and other institutional investors.

About Solid Biosciences

Solid Biosciences Inc, a life science company, develops therapies for neuromuscular and cardiac diseases in the United States. The company's lead product candidate is SGT-003, a gene transfer candidate for the treatment of Duchenne muscular dystrophy; and SGT-501 to treat Catecholaminergic polymorphic ventricular tachycardia.