Solid Biosciences (NASDAQ:SLDB) Stock Price Down 6.7% - Time to Sell?

Key Points

• Solid Biosciences shares fell 6.7% to about $9.08, with trading volume down 93% from its average. The stock has a market capitalization of approximately $974 million and a beta of 2.41.
• Despite the selloff, analysts maintain a consensus “Moderate Buy” rating and a $17.11 target price, representing substantial potential upside. Ratings include one Strong Buy, nine Buys, and one Sell.
• The clinical-stage biotech beat quarterly earnings expectations, reporting a loss of $0.38 per share versus the forecasted $0.46 loss. Institutional investors own 81.46% of the company, which is developing gene therapies for Duchenne muscular dystrophy.

Solid Biosciences Inc. (NASDAQ:SLDB - Get Free Report)'s share price traded down 6.7% during trading on Thursday . The stock traded as low as $9.15 and last traded at $9.0830. Approximately 103,143 shares were traded during trading, a decline of 93% from the average daily volume of 1,390,282 shares. The stock had previously closed at $9.74.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SLDB. Truist Financial upgraded shares of Solid Biosciences to a "strong-buy" rating in a research report on Monday, April 27th. Wedbush decreased their target price on shares of Solid Biosciences from $17.00 to $16.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Solid Biosciences in a research note on Friday, July 17th. Wall Street Zen raised Solid Biosciences from a "strong sell" rating to a "sell" rating in a report on Saturday, July 4th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $18.00 price target (up from $17.00) on shares of Solid Biosciences in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $17.11.

Solid Biosciences Stock Down 6.8%

The company has a market cap of $973.56 million, a P/E ratio of -4.75 and a beta of 2.41. The company has a 50 day moving average price of $8.93 and a 200-day moving average price of $7.71.

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 -1.72 earnings per share for the current fiscal year.

Institutional Trading of Solid Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in SLDB. Legal & General Group Plc lifted its stake in shares of Solid Biosciences by 208.6% in the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company's stock worth $29,000 after acquiring an additional 4,063 shares during the period. Creative Planning acquired a new position in shares of Solid Biosciences during the second quarter valued at approximately $57,000. Russell Investments Group Ltd. increased its stake in shares of Solid Biosciences by 142.0% during the third quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company's stock valued at $63,000 after acquiring an additional 5,991 shares during the period. Polymer Capital Management US LLC bought a new stake in Solid Biosciences during the third quarter worth approximately $94,000. Finally, Jain Global LLC bought a new stake in Solid Biosciences during the fourth quarter worth approximately $114,000. 81.46% of the stock is currently owned by institutional investors.

Solid Biosciences Company Profile

Solid Biosciences Inc is a clinical‐stage biotechnology company focused on the development of therapies for Duchenne muscular dystrophy (DMD), a rare genetic disorder characterized by progressive muscle degeneration. The company's primary approach centers on gene replacement and gene editing technologies designed to restore functional dystrophin protein in patients lacking this critical muscle‐stabilizing protein.

Solid's lead investigational therapy, SGT‐001, is a micro‐dystrophin gene therapy candidate engineered to deliver a shortened but functional form of the dystrophin gene using an adeno‐associated virus (AAV) vector.

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