Solid Biosciences (NASDAQ:SLDB) Stock Price Down 10% – Here’s Why

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. HC Wainwright reiterated a “buy” rating and issued a $25.00 price target on shares of Solid Biosciences in a report on Monday, September 14th. Loop Capital set a $25.00 price objective on Solid Biosciences in a report on Monday, September 14th. Cantor Fitzgerald lifted their target price on Solid Biosciences from $16.00 to $26.00 and gave the company an “overweight” rating in a research report on Thursday, August 27th. Royal Bank Of Canada assumed coverage on Solid Biosciences in a report on Wednesday, September 16th. They issued an “outperform” rating and a $18.00 target price for the company. Finally, Wall Street Zen raised Solid Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 4th. Twelve analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

Solid Biosciences Price Performance

The company has a market capitalization of $802.01 million, a PE ratio of -3.92 and a beta of 2.44. The company’s fifty day moving average is $8.93 and its 200-day moving average is $8.27.

Solid Biosciences (NASDAQ:SLDB) last posted its earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.08. Equities research analysts forecast that Solid Biosciences Inc. will post -1.67 EPS for the current fiscal year.

Hedge Funds Weigh In On Solid Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AXQ Capital LP purchased a new stake in shares of Solid Biosciences during the second quarter valued at about $197,000. Hsbc Holdings PLC grew its position in shares of Solid Biosciences by 78.4% in the 1st quarter. Hsbc Holdings PLC now owns 39,511 shares of the company’s stock worth $284,000 after buying an additional 17,360 shares during the last quarter. Engineers Gate Manager LP raised its stake in shares of Solid Biosciences by 34.5% during the 2nd 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 in the last quarter. Fisher Asset Management LLC bought a new position in shares of Solid Biosciences during the 4th quarter worth approximately $584,000. Finally, Renaissance Technologies LLC lifted its position in Solid Biosciences by 135.4% during the first quarter. Renaissance Technologies LLC now owns 124,272 shares of the company’s stock valued at $895,000 after acquiring an additional 71,472 shares during the last quarter. Hedge funds and other institutional investors 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.