JPMorgan Chase & Co. Cuts Solid Biosciences (NASDAQ:SLDB) Price Target to $13.00

Key Points

• JPMorgan Chase & Co. has lowered its price target for Solid Biosciences from $15.00 to $13.00 while maintaining an "overweight" rating, suggesting a potential upside of 107.50% from the stock's previous close.
• Other analysts such as Wedbush and Chardan Capital have also reduced their price targets, indicating a conservative outlook on Solid Biosciences with targets ranging from $14.00 to $15.00.
• Solid Biosciences' stock price has decreased by 6.2% recently, with a current trading value of $6.27, reflecting volatility in the company's market performance.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) had its price objective reduced by equities researchers at JPMorgan Chase & Co. from $15.00 to $13.00 in a report released on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 124.14% from the company's current price.

A number of other research analysts have also weighed in on SLDB. JMP Securities reaffirmed a "market outperform" rating and set a $15.00 price objective on shares of Solid Biosciences in a research report on Friday, June 6th. Barclays lowered their price target on Solid Biosciences from $15.00 to $10.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Wedbush dropped their price target on shares of Solid Biosciences from $17.00 to $14.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 13th. Cantor Fitzgerald set a $16.00 price objective on shares of Solid Biosciences and gave the company an "overweight" rating in a research note on Monday, July 21st. Finally, Piper Sandler decreased their price objective on shares of Solid Biosciences from $20.00 to $17.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Two equities research analysts have rated the stock with a Strong Buy rating and ten have given a Buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $15.00.

Solid Biosciences Stock Down 3.8%

Shares of SLDB stock traded down $0.23 during midday trading on Thursday, reaching $5.80. 852,260 shares of the stock were exchanged, compared to its average volume of 1,295,828. Solid Biosciences has a 1 year low of $2.41 and a 1 year high of $10.37. The company's 50 day moving average is $5.67 and its two-hundred day moving average is $4.48.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($0.51) by $0.09. As a group, analysts forecast that Solid Biosciences will post -2.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Solid Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC grew its holdings in Solid Biosciences by 15,188.5% during the first quarter. CWM LLC now owns 7,950 shares of the company's stock valued at $29,000 after purchasing an additional 7,898 shares during the period. Legal & General Group Plc lifted its position in shares of Solid Biosciences by 208.6% during the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company's stock valued at $29,000 after buying an additional 4,063 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of Solid Biosciences by 205.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,740 shares of the company's stock valued at $33,000 after acquiring an additional 4,534 shares during the period. Corton Capital Inc. purchased a new stake in Solid Biosciences in the 4th quarter worth approximately $41,000. Finally, Ground Swell Capital LLC bought a new stake in Solid Biosciences during the 1st quarter worth approximately $42,000. 81.46% of the stock is currently owned by hedge funds and other institutional investors.

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.