Solid Biosciences (NASDAQ:SLDB) Stock Price Down 4.7% - Here's Why

Key Points

• Solid Biosciences shares fell 4.7% to about $6.94 in midday trading, with volume roughly 77% below the average session level.
• 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.
• Institutional investors own approximately 81.46% of the company, while Solid’s lead development programs include SGT-003 for Duchenne muscular dystrophy and SGT-501 for BAG3-associated dilated cardiomyopathy.

Solid Biosciences Inc. (NASDAQ:SLDB - Get Free Report) was down 4.7% on Tuesday. The company traded as low as $6.92 and last traded at $6.9350. Approximately 305,566 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 1,357,378 shares. The stock had previously closed at $7.28.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SLDB shares. Loop Capital set a $25.00 target price on Solid Biosciences in a research report on Monday, September 14th. Royal Bank Of Canada began coverage on shares of Solid Biosciences in a research report on Wednesday, September 16th. They set an "outperform" rating and a $18.00 target price on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Solid Biosciences in a research note on Friday, July 17th. HC Wainwright reiterated a "buy" rating and set a $25.00 price target on shares of Solid Biosciences in a research report on Monday, September 14th. Finally, Truist Financial boosted their price target on shares of Solid Biosciences from $16.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, August 21st. Twelve research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.69.

Solid Biosciences Stock Down 3.5%

The business has a fifty day moving average of $8.88 and a 200 day moving average of $8.26. The firm has a market cap of $753.22 million, a P/E ratio of -3.67 and a beta of 2.44.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last issued its 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, sell-side analysts expect that Solid Biosciences Inc. will post -1.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in shares of Solid Biosciences by 40.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 956,135 shares of the company's stock valued at $6,877,000 after buying an additional 277,051 shares during the period. Bank of New York Mellon Corp acquired a new stake in Solid Biosciences during the 2nd quarter worth $2,429,000. Redmile Group LLC lifted its holdings in Solid Biosciences by 8.1% during the first quarter. Redmile Group LLC now owns 2,011,895 shares of the company's stock worth $14,486,000 after acquiring an additional 151,353 shares in the last quarter. Stempoint Capital LP bought a new position in Solid Biosciences during the first quarter worth about $1,407,000. Finally, Janus Henderson Group PLC acquired a new position in Solid Biosciences in the first quarter valued at about $28,877,000. Institutional investors and hedge funds 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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