Solid Biosciences (NASDAQ:SLDB) Shares Down 10% – What’s Next?

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) were down 10% during mid-day trading on Wednesday . The company traded as low as $8.11 and last traded at $8.0320. Approximately 482,888 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 1,359,185 shares. The stock had previously closed at $8.92.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SLDB shares. Royal Bank Of Canada assumed coverage on Solid Biosciences in a research report on Wednesday, September 16th. They set an “outperform” rating and a $18.00 price target on the stock. Wall Street Zen upgraded shares of Solid Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Loop Capital set a $25.00 target price on shares of Solid Biosciences in a research note on Monday, September 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Biosciences in a report on Friday, July 17th. Finally, Cantor Fitzgerald lifted their price target on shares of Solid Biosciences from $16.00 to $26.00 and gave the stock an “overweight” rating in a research note on Thursday, August 27th. Twelve research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

Solid Biosciences Price Performance

The business has a fifty day moving average of $9.00 and a 200 day moving average of $8.25. The stock has a market cap of $867.95 million, a PE ratio of -4.23 and a beta of 2.44.

Solid Biosciences (NASDAQ:SLDB) last posted its quarterly earnings data 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, equities research analysts expect that Solid Biosciences Inc. will post -1.67 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC bought a new stake in shares of Solid Biosciences in the 1st quarter worth about $28,877,000. Armistice Capital LLC increased its holdings in Solid Biosciences by 179.1% in the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock valued at $14,732,000 after buying an additional 1,676,000 shares during the last quarter. Monashee Investment Management LLC acquired a new stake in Solid Biosciences during the fourth quarter valued at approximately $7,613,000. Ally Bridge Group NY LLC lifted its holdings in Solid Biosciences by 85.4% during the 1st quarter. Ally Bridge Group NY LLC now owns 766,974 shares of the company’s stock worth $5,522,000 after buying an additional 353,349 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Solid Biosciences by 40.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 956,135 shares of the company’s stock worth $6,877,000 after buying an additional 277,051 shares during the last quarter. 81.46% of the stock is currently owned by institutional investors.

About Solid Biosciences

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.