Solid Biosciences (NASDAQ:SLDB) Shares Down 6.4% - Time to Sell?

Key Points

• Solid Biosciences shares fell 6.4% to about $8.18, with trading volume down 93% from its average. The stock has a market capitalization of approximately $897 million and remains unprofitable.
• Analyst sentiment is largely positive despite the decline: 11 analysts rate the stock a Buy and one rates it a Sell, producing a consensus “Moderate Buy” rating and an average price target of $18.75.
• The company exceeded quarterly EPS expectations, reporting a loss of $0.38 versus the forecasted $0.46 loss. Institutional investors own 81.46% of the stock, while Solid advances gene therapies for Duchenne muscular dystrophy and inherited cardiac disease.

Solid Biosciences Inc. (NASDAQ:SLDB - Get Free Report)'s share price traded down 6.4% during trading on Tuesday . The company traded as low as $8.33 and last traded at $8.1790. 90,582 shares were traded 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

SLDB has been the subject of several research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Solid Biosciences in a research report on Friday, July 17th. HC Wainwright reaffirmed a "buy" rating and set a $25.00 target price on shares of Solid Biosciences in a report on Monday. Cantor Fitzgerald increased their price target on shares of Solid Biosciences from $16.00 to $26.00 and gave the stock an "overweight" rating in a research report on Thursday, August 27th. Loop Capital set a $25.00 price target on shares of Solid Biosciences in a research note on Monday. Finally, Wall Street Zen upgraded Solid Biosciences from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 4th. Eleven 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, the company currently has a consensus rating of "Moderate Buy" and an average target price of $18.75.

Solid Biosciences Stock Down 4.3%

The stock has a market capitalization of $896.90 million, a PE ratio of -4.37 and a beta of 2.44. The stock's 50 day moving average price is $9.21 and its 200-day moving average price is $8.14.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.46) by $0.08. On average, analysts forecast that Solid Biosciences Inc. will post -1.67 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SLDB. Engineers Gate Manager LP boosted its stake in Solid Biosciences by 34.5% during the second quarter. Engineers Gate Manager LP now owns 28,915 shares of the company's stock valued at $289,000 after buying an additional 7,410 shares during the last quarter. AXQ Capital LP bought a new stake in Solid Biosciences in the second quarter worth $197,000. Wellington Management Group LLP boosted its stake in shares of Solid Biosciences by 14.9% during the 2nd quarter. Wellington Management Group LLP now owns 185,365 shares of the company's stock worth $1,852,000 after purchasing an additional 24,087 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Solid Biosciences during the 2nd quarter worth approximately $2,429,000. Finally, Perceptive Advisors LLC increased its stake in Solid Biosciences by 0.6% in the 1st quarter. Perceptive Advisors LLC now owns 11,906,646 shares of the company's stock worth $85,728,000 after buying an additional 73,107 shares during the period. Institutional investors own 81.46% of the company's stock.

About Solid Biosciences

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.

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