Solid Biosciences (NASDAQ:SLDB) Shares Down 9% – What’s Next?

Solid Biosciences Inc. (NASDAQ:SLDB)’s share price dropped 9% during mid-day trading on Friday . The stock traded as low as $10.32 and last traded at $10.1410. 86,620 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 1,482,121 shares. The stock had previously closed at $11.14.

Analyst Upgrades and Downgrades

SLDB has been the subject of a number of analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price objective (up from $17.00) on shares of Solid Biosciences in a report on Wednesday, May 13th. HC Wainwright lifted their price objective on Solid Biosciences from $20.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Chardan Capital reiterated a “buy” rating and issued a $15.00 price objective on shares of Solid Biosciences in a research note on Friday, March 20th. Wedbush cut their target price on Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. boosted their price target on Solid Biosciences from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Wednesday, March 25th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Solid Biosciences presently has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Solid Biosciences Stock Down 7.5%

The company has a market cap of $1.01 billion, a P/E ratio of -5.26 and a beta of 2.36. The firm has a fifty day moving average price of $7.89 and a 200 day moving average price of $7.12.

Solid Biosciences (NASDAQ:SLDB) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.12). On average, sell-side analysts anticipate that Solid Biosciences Inc. will post -1.9 earnings per share for the current year.

Institutional Trading of Solid Biosciences

Several hedge funds have recently modified their holdings of SLDB. Perceptive Advisors LLC increased its holdings in shares of Solid Biosciences by 0.6% in the first quarter. Perceptive Advisors LLC now owns 11,906,646 shares of the company’s stock valued at $85,728,000 after purchasing an additional 73,107 shares in the last quarter. Siren L.L.C. boosted its position in Solid Biosciences by 3.7% in the 4th quarter. Siren L.L.C. now owns 7,690,405 shares of the company’s stock valued at $43,374,000 after buying an additional 274,500 shares during the last quarter. Vestal Point Capital LP increased its stake in shares of Solid Biosciences by 95.5% in the 4th quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock valued at $32,797,000 after buying an additional 2,840,000 shares during the period. Janus Henderson Group PLC acquired a new stake in shares of Solid Biosciences in the 1st quarter valued at $28,877,000. Finally, Armistice Capital LLC raised its position in shares of Solid Biosciences by 179.1% during the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock worth $14,732,000 after acquiring an additional 1,676,000 shares during the last quarter. 81.46% of the stock is owned by institutional investors.

About Solid Biosciences

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.