Solid Biosciences (NASDAQ:SLDB) Shares Down 6.4% – Time to Sell?

Solid Biosciences Inc. (NASDAQ:SLDB) shares traded down 6.4% during mid-day trading on Tuesday . The stock traded as low as $8.33 and last traded at $8.1790. 90,582 shares changed hands during trading, a decline of 93% from the average daily volume of 1,337,786 shares. The stock had previously closed at $8.74.

Analyst Ratings Changes

Several brokerages recently issued reports on SLDB. Wall Street Zen raised shares of Solid Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. Loop Capital set a $25.00 price objective on shares of Solid Biosciences in a research note on Monday. Truist Financial increased their target price on shares of Solid Biosciences from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, August 21st. HC Wainwright restated a “buy” rating and set a $25.00 target price on shares of Solid Biosciences in a research report on Monday. Finally, Cantor Fitzgerald lifted their price target on Solid Biosciences from $16.00 to $26.00 and gave the company an “overweight” rating in a research note on Thursday, August 27th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.75.

Solid Biosciences Price Performance

The company’s fifty day simple moving average is $9.21 and its 200-day simple moving average is $8.14. The firm has a market capitalization of $896.90 million, a PE ratio of -4.37 and a beta of 2.44.

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, topping the consensus estimate of ($0.46) by $0.08. Analysts forecast that Solid Biosciences Inc. will post -1.67 earnings per share for the current year.

Hedge Funds Weigh In On Solid Biosciences

A number of hedge funds have recently made changes to their positions in the company. AXQ Capital LP purchased a new position in shares of Solid Biosciences in the second quarter valued at approximately $197,000. Hsbc Holdings PLC lifted its stake in shares of Solid Biosciences by 78.4% in the first quarter. Hsbc Holdings PLC now owns 39,511 shares of the company’s stock worth $284,000 after buying an additional 17,360 shares in the last quarter. Engineers Gate Manager LP boosted its position in Solid Biosciences by 34.5% during the second quarter. Engineers Gate Manager LP now owns 28,915 shares of the company’s stock worth $289,000 after acquiring an additional 7,410 shares during the last quarter. Fisher Asset Management LLC acquired a new position in Solid Biosciences during the fourth quarter worth about $584,000. Finally, Renaissance Technologies LLC boosted its stake in Solid Biosciences by 135.4% during the first quarter. Renaissance Technologies LLC now owns 124,272 shares of the company’s stock worth $895,000 after buying an additional 71,472 shares during the last quarter. Institutional investors and hedge funds own 81.46% of the company’s stock.

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.