JPMorgan Chase & Co. Issues Pessimistic Forecast for Solid Biosciences (NASDAQ:SLDB) Stock Price

Solid Biosciences (NASDAQ:SLDB) had its target price dropped by investment analysts at JPMorgan Chase & Co. from $13.00 to $11.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 178.13% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Barclays set a $9.00 price objective on shares of Solid Biosciences and gave the company an “overweight” rating in a report on Tuesday. Cantor Fitzgerald set a $16.00 price objective on shares of Solid Biosciences and gave the company an “overweight” rating in a research note on Monday, July 21st. Chardan Capital reissued a “buy” rating and set a $15.00 target price on shares of Solid Biosciences in a research report on Tuesday. Wall Street Zen downgraded shares of Solid Biosciences from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Finally, Wedbush cut their price target on shares of Solid Biosciences from $17.00 to $14.00 and set an “outperform” rating for the company in a report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $14.70.

Solid Biosciences Price Performance

Shares of Solid Biosciences stock traded down $0.46 during trading on Wednesday, hitting $3.96. The company’s stock had a trading volume of 1,315,152 shares, compared to its average volume of 1,702,609. Solid Biosciences has a 52 week low of $2.41 and a 52 week high of $7.37. The stock has a market cap of $307.98 million, a price-to-earnings ratio of -1.59 and a beta of 2.75. The stock has a 50-day moving average price of $5.65 and a two-hundred day moving average price of $5.05.

Solid Biosciences (NASDAQ:SLDB) last issued its quarterly earnings results on Monday, November 3rd. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.06). On average, equities analysts predict that Solid Biosciences will post -2.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Solid Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bain Capital Life Sciences Investors LLC increased its position in shares of Solid Biosciences by 96.1% during the first quarter. Bain Capital Life Sciences Investors LLC now owns 7,911,669 shares of the company’s stock valued at $29,273,000 after buying an additional 3,877,087 shares during the period. Siren L.L.C. increased its position in shares of Solid Biosciences by 97.8% during the first quarter. Siren L.L.C. now owns 7,415,905 shares of the company’s stock valued at $27,439,000 after buying an additional 3,666,864 shares during the period. Adage Capital Partners GP L.L.C. increased its position in shares of Solid Biosciences by 285.0% during the first quarter. Adage Capital Partners GP L.L.C. now owns 6,729,484 shares of the company’s stock valued at $24,899,000 after buying an additional 4,981,400 shares during the period. Redmile Group LLC increased its position in shares of Solid Biosciences by 228.2% during the first quarter. Redmile Group LLC now owns 2,019,171 shares of the company’s stock valued at $7,471,000 after buying an additional 1,403,925 shares during the period. Finally, Nantahala Capital Management LLC increased its position in shares of Solid Biosciences by 505.4% during the second quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock valued at $8,295,000 after buying an additional 1,421,968 shares during the period. Hedge funds and other institutional investors own 81.46% of the company’s stock.

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.