Solid Biosciences (NASDAQ:SLDB) Stock Price Down 6.7% – What’s Next?

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

Analysts Set New Price Targets

A number of analysts have recently commented on SLDB shares. HC Wainwright boosted their price objective on Solid Biosciences from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Wedbush decreased their target price on Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Wall Street Zen raised Solid Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 target price (up from $17.00) on shares of Solid Biosciences in a report on Wednesday, May 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $17.11.

Solid Biosciences Stock Down 6.8%

The firm has a market capitalization of $973.56 million, a price-to-earnings ratio of -4.75 and a beta of 2.41. The firm’s 50 day moving average is $8.93 and its 200 day moving average is $7.71.

Solid Biosciences (NASDAQ:SLDB) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.46) by $0.08. On average, sell-side analysts predict that Solid Biosciences Inc. will post -1.72 earnings per share for the current year.

Institutional Investors Weigh In On Solid Biosciences

Several large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of Solid Biosciences by 40.8% during the first quarter. Dimensional Fund Advisors LP now owns 956,135 shares of the company’s stock worth $6,877,000 after purchasing an additional 277,051 shares during the period. Redmile Group LLC boosted its position in shares of Solid Biosciences by 8.1% in the 1st 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 during the period. Janus Henderson Group PLC acquired a new position in shares of Solid Biosciences in the 1st quarter valued at $28,877,000. Stempoint Capital LP purchased a new position in Solid Biosciences in the 1st quarter worth about $1,407,000. Finally, Monashee Investment Management LLC purchased a new position in Solid Biosciences in the 4th quarter worth about $7,613,000. 81.46% of the stock is owned by institutional investors.

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.