Citigroup Cuts Solid Biosciences (NASDAQ:SLDB) Price Target to $14.00

Solid Biosciences (NASDAQ:SLDB) had its target price cut by equities researchers at Citigroup from $16.00 to $14.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 256.23% from the stock’s previous close.

Several other research firms also recently commented on SLDB. Cantor Fitzgerald set a $16.00 price objective on Solid Biosciences and gave the company an “overweight” rating in a report on Monday, July 21st. Wedbush dropped their price target on shares of Solid Biosciences from $17.00 to $14.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 13th. JPMorgan Chase & Co. decreased their price objective on shares of Solid Biosciences from $13.00 to $11.00 and set an “overweight” rating for the company in a research report on Wednesday. Chardan Capital restated a “buy” rating and set a $15.00 price objective on shares of Solid Biosciences in a research note on Tuesday. Finally, Barclays set a $9.00 target price on shares of Solid Biosciences and gave the company an “overweight” rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.70.

Solid Biosciences Stock Down 10.9%

SLDB traded down $0.48 during trading hours on Wednesday, hitting $3.93. 1,730,399 shares of the company’s stock were exchanged, compared to its average volume of 1,703,402. The stock has a market cap of $306.03 million, a price-to-earnings ratio of -1.58 and a beta of 2.75. Solid Biosciences has a 1-year low of $2.41 and a 1-year high of $7.37. The stock’s 50-day moving average is $5.65 and its two-hundred day moving average is $5.05.

Solid Biosciences (NASDAQ:SLDB) last issued its quarterly earnings results on Monday, November 3rd. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.06). On average, equities research analysts anticipate that Solid Biosciences will post -2.84 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. lifted its position in Solid Biosciences by 80.7% during the first quarter. China Universal Asset Management Co. Ltd. now owns 15,308 shares of the company’s stock worth $57,000 after acquiring an additional 6,836 shares during the last quarter. CWM LLC increased its stake in shares of Solid Biosciences by 15,188.5% during the first quarter. CWM LLC now owns 7,950 shares of the company’s stock worth $29,000 after purchasing an additional 7,898 shares during the period. Allianz Asset Management GmbH acquired a new stake in Solid Biosciences during the 1st quarter worth approximately $100,000. XTX Topco Ltd acquired a new stake in Solid Biosciences during the 1st quarter worth approximately $151,000. Finally, Sfmg LLC bought a new stake in Solid Biosciences in the 1st quarter valued at $93,000. Institutional investors and hedge funds own 81.46% of the company’s stock.

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.