Solid Biosciences (NASDAQ:SLDB) Price Target Cut to $14.00 by Analysts at Citigroup

Solid Biosciences (NASDAQ:SLDB) had its price objective dropped by investment analysts at Citigroup from $16.00 to $14.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 256.23% from the stock’s current price.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. cut their price objective on shares of Solid Biosciences from $13.00 to $11.00 and set an “overweight” rating on the stock in a report on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Biosciences in a research report on Wednesday, October 8th. Wedbush dropped their price objective on Solid Biosciences from $17.00 to $14.00 and set an “outperform” rating for the company in a report on Wednesday, August 13th. Barclays set a $9.00 target price on Solid Biosciences and gave the company an “overweight” rating in a research note on Tuesday. Finally, Chardan Capital restated a “buy” rating and set a $15.00 target price on shares of Solid Biosciences in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $14.70.

Solid Biosciences Stock Performance

SLDB traded down $0.48 during mid-day trading on Wednesday, reaching $3.93. The stock had a trading volume of 1,730,399 shares, compared to its average volume of 1,703,402. The firm’s fifty day simple moving average is $5.65 and its two-hundred day simple moving average is $5.05. The stock has a market capitalization of $306.03 million, a P/E ratio of -1.58 and a beta of 2.75. Solid Biosciences has a 52 week low of $2.41 and a 52 week high of $7.37.

Solid Biosciences (NASDAQ:SLDB) last posted its quarterly earnings results on Monday, November 3rd. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.06). As a group, analysts expect that Solid Biosciences will post -2.84 EPS for the current fiscal year.

Institutional Trading of Solid Biosciences

Several hedge funds have recently bought and sold shares of SLDB. CWM LLC boosted its holdings in shares of Solid Biosciences by 15,188.5% in the first quarter. CWM LLC now owns 7,950 shares of the company’s stock valued at $29,000 after buying an additional 7,898 shares during the period. Legal & General Group Plc lifted its position in Solid Biosciences by 208.6% in the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock valued at $29,000 after acquiring an additional 4,063 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in Solid Biosciences by 205.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,740 shares of the company’s stock worth $33,000 after purchasing an additional 4,534 shares during the period. Ground Swell Capital LLC bought a new position in Solid Biosciences during the 1st quarter worth about $42,000. Finally, Pallas Capital Advisors LLC acquired a new stake in shares of Solid Biosciences in the 2nd quarter valued at about $54,000. 81.46% of the stock is currently owned by institutional investors and hedge funds.

Solid Biosciences Company Profile

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.