Solid Biosciences (NASDAQ:SLDB) Shares Down 6.4% – Here’s What Happened

Solid Biosciences Inc. (NASDAQ:SLDB)’s share price dropped 6.4% during trading on Tuesday . The stock traded as low as $8.33 and last traded at $8.1790. Approximately 90,582 shares traded hands during trading, a decline of 93% from the average daily volume of 1,337,786 shares. The stock had previously closed at $8.74.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on SLDB shares. Royal Bank Of Canada started coverage on Solid Biosciences in a report on Wednesday. They set an “outperform” rating and a $18.00 price objective on the stock. Truist Financial increased their price target on shares of Solid Biosciences from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, August 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Biosciences in a research note on Friday, July 17th. Wall Street Zen upgraded shares of Solid Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. Finally, Cantor Fitzgerald upped their price objective on shares of Solid Biosciences from $16.00 to $26.00 and gave the company 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 issued a Sell rating to the company. Based on data from MarketBeat.com, Solid Biosciences presently has an average rating of “Moderate Buy” and an average price target of $18.69.

Solid Biosciences Stock Performance

The company has a market cap of $934.96 million, a P/E ratio of -4.57 and a beta of 2.44. The business has a 50 day moving average price of $9.11 and a two-hundred day moving average price of $8.17.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Perceptive Advisors LLC raised its holdings in Solid Biosciences by 0.6% during the 1st quarter. Perceptive Advisors LLC now owns 11,906,646 shares of the company’s stock valued at $85,728,000 after buying an additional 73,107 shares during the last quarter. Janus Henderson Group PLC purchased a new position in shares of Solid Biosciences in the first quarter valued at about $28,877,000. Armistice Capital LLC increased its position in shares of 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 acquiring an additional 1,676,000 shares during the period. Redmile Group LLC raised its stake in shares of Solid Biosciences by 8.1% during the first quarter. Redmile Group LLC now owns 2,011,895 shares of the company’s stock valued at $14,486,000 after acquiring an additional 151,353 shares during the last quarter. Finally, Monashee Investment Management LLC boosted its holdings in shares of Solid Biosciences by 5.2% during the first quarter. Monashee Investment Management LLC now owns 1,420,295 shares of the company’s stock worth $10,226,000 after purchasing an additional 70,524 shares during the period. 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.