Solid Biosciences (NASDAQ:SLDB) Stock Falls 5.5% - Should You Sell?

Key Points

• Solid Biosciences shares fell 5.5% to about $6.34 in thin trading, with volume down 95% from the average session.
• Analyst sentiment remains broadly positive: 12 analysts rate the stock a Buy and one rates it a Sell, producing a “Moderate Buy” consensus and an average price target of $18.69.
• The biotechnology company is developing gene therapies for rare diseases, led by SGT-003 for Duchenne muscular dystrophy; it remains unprofitable, reporting a quarterly loss of $0.38 per share and an expected full-year loss of $1.66 per share.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SLDB shares. Cantor Fitzgerald upped 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. Weiss Ratings reiterated a "sell (d-)" rating on shares of Solid Biosciences in a research report on Friday, July 17th. Loop Capital set a $25.00 target price on shares of Solid Biosciences in a research note on Monday, September 14th. HC Wainwright reissued a "buy" rating and set a $25.00 target price on shares of Solid Biosciences in a research note on Monday, September 14th. Finally, Wall Street Zen upgraded shares of Solid Biosciences from a "strong sell" rating to a "sell" rating in a research report on Saturday, July 4th. Twelve analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Solid Biosciences presently has an average rating of "Moderate Buy" and a consensus price target of $18.69.

Solid Biosciences Stock Down 7.4%

The company has a market cap of $666.48 million, a P/E ratio of -3.27 and a beta of 2.47. The company has a 50 day moving average price of $8.65 and a 200-day moving average price of $8.23.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.38) earnings per share for the quarter, beating analysts' consensus estimates of ($0.46) by $0.08. On average, research analysts expect that Solid Biosciences Inc. will post -1.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Solid Biosciences

Large investors have recently bought and sold shares of the stock. Perceptive Advisors LLC raised its holdings in Solid Biosciences by 0.6% during the first quarter. Perceptive Advisors LLC now owns 11,906,646 shares of the company's stock worth $85,728,000 after purchasing an additional 73,107 shares in the last quarter. Janus Henderson Group PLC bought a new stake in Solid Biosciences in the first quarter worth about $28,877,000. Armistice Capital LLC raised its position in Solid Biosciences by 179.1% in the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company's stock worth $14,732,000 after acquiring an additional 1,676,000 shares in the last quarter. Redmile Group LLC lifted its holdings in Solid Biosciences by 8.1% in the 1st 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 lifted its holdings in Solid Biosciences by 5.2% in the 1st quarter. Monashee Investment Management LLC now owns 1,420,295 shares of the company's stock valued at $10,226,000 after acquiring an additional 70,524 shares during the last quarter. 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.

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