JPMorgan Chase & Co. Cuts Solid Biosciences (NASDAQ:SLDB) Price Target to $11.00

Solid Biosciences (NASDAQ:SLDB) had its price objective reduced by JPMorgan Chase & Co. from $13.00 to $11.00 in a research note published on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

SLDB has been the subject of a number of other research reports. Wedbush lowered their target price on shares of Solid Biosciences from $17.00 to $14.00 and set an “outperform” rating for the company in a research note on Wednesday, August 13th. Cantor Fitzgerald set a $16.00 price objective on Solid Biosciences and gave the stock an “overweight” rating in a research report on Monday, July 21st. Barclays set a $9.00 price objective on Solid Biosciences and gave the company an “overweight” rating in a report on Tuesday. Chardan Capital restated a “buy” rating and set a $15.00 target price on shares of Solid Biosciences in a research note on Tuesday. Finally, Wall Street Zen downgraded Solid Biosciences from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Solid Biosciences has an average rating of “Moderate Buy” and an average price target of $14.70.

Solid Biosciences Stock Performance

SLDB stock opened at $4.06 on Wednesday. The company’s 50 day moving average price is $5.56 and its 200 day moving average price is $5.05. The firm has a market capitalization of $316.31 million, a price-to-earnings ratio of -1.63 and a beta of 2.75. Solid Biosciences has a fifty-two week low of $2.41 and a fifty-two week high of $7.37.

Solid Biosciences (NASDAQ:SLDB) last posted 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). Equities analysts forecast that Solid Biosciences will post -2.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Solid Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bain Capital Life Sciences Investors LLC boosted its holdings in shares of Solid Biosciences by 96.1% in the first quarter. Bain Capital Life Sciences Investors LLC now owns 7,911,669 shares of the company’s stock valued at $29,273,000 after acquiring an additional 3,877,087 shares during the period. Siren L.L.C. raised its position in Solid Biosciences by 97.8% in the 1st quarter. Siren L.L.C. now owns 7,415,905 shares of the company’s stock valued at $27,439,000 after purchasing an additional 3,666,864 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Solid Biosciences by 285.0% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 6,729,484 shares of the company’s stock worth $24,899,000 after purchasing an additional 4,981,400 shares during the period. Redmile Group LLC grew its position in Solid Biosciences by 228.2% during the 1st quarter. Redmile Group LLC now owns 2,019,171 shares of the company’s stock worth $7,471,000 after purchasing an additional 1,403,925 shares during the last quarter. Finally, Nantahala Capital Management LLC increased its stake in Solid Biosciences by 505.4% in the second quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock valued at $8,295,000 after purchasing an additional 1,421,968 shares during the period. Hedge funds and other institutional investors 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.