Solid Biosciences (NASDAQ:SLDB) Stock Falls 5.5% – Here’s Why

Solid Biosciences Inc. (NASDAQ:SLDB) shares were down 5.5% during trading on Tuesday. The stock traded as low as $6.42 and last traded at $6.3410. Approximately 73,866 shares traded hands during trading, a decline of 95% from the average daily volume of 1,347,584 shares. The stock had previously closed at $6.71.

Analyst Ratings Changes

SLDB has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Solid Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Truist Financial raised their price objective on Solid Biosciences from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, August 21st. Royal Bank Of Canada assumed coverage on shares of Solid Biosciences in a research note on Wednesday, September 16th. They set an “outperform” rating and a $18.00 price objective for the company. Cantor Fitzgerald lifted their price objective on Solid Biosciences from $16.00 to $26.00 and gave the company an “overweight” rating in a research note on Thursday, August 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research report on Friday, July 17th. Thirteen equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.69.

Solid Biosciences Price Performance

The stock has a market capitalization of $586.52 million, a price-to-earnings ratio of -2.86 and a beta of 2.47. The stock has a 50 day moving average price of $8.53 and a 200-day moving average price of $8.21.

Solid Biosciences (NASDAQ:SLDB) last announced its 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 forecast that Solid Biosciences Inc. will post -1.66 earnings per share for the current year.

Institutional Trading of Solid Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. AXQ Capital LP acquired a new position in Solid Biosciences during the second quarter worth $197,000. Engineers Gate Manager LP grew its holdings in shares of Solid Biosciences by 34.5% in the second quarter. Engineers Gate Manager LP now owns 28,915 shares of the company’s stock valued at $289,000 after purchasing an additional 7,410 shares in the last quarter. Hsbc Holdings PLC increased its stake in Solid Biosciences by 78.4% during the 1st quarter. Hsbc Holdings PLC now owns 39,511 shares of the company’s stock worth $284,000 after buying an additional 17,360 shares during the period. Renaissance Technologies LLC increased its position in shares of Solid Biosciences by 135.4% during the first quarter. Renaissance Technologies LLC now owns 124,272 shares of the company’s stock worth $895,000 after acquiring an additional 71,472 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in Solid Biosciences by 14.9% in the second quarter. Wellington Management Group LLP now owns 185,365 shares of the company’s stock valued at $1,852,000 after purchasing an additional 24,087 shares during the period. Institutional investors and hedge funds own 81.46% of the company’s stock.

About Solid Biosciences

Solid Biosciences Inc is a biotechnology company focused on developing genetic medicines for patients with rare diseases. The company’s research platform is centered on adeno-associated virus (AAV) gene therapy and other genetic medicine technologies intended to address the underlying causes of disease.

Solid Biosciences’ lead program is SGT-003, an investigational gene therapy being developed for Duchenne muscular dystrophy, a severe inherited neuromuscular disorder. The company is also developing additional programs for rare cardiac and neuromuscular conditions, including SGT-501 for BAG3-associated dilated cardiomyopathy.