Wall Street Zen Downgrades Solid Biosciences (NASDAQ:SLDB) to Sell

Key Points

• Solid Biosciences was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating, indicating a negative outlook on the stock.
• Analysts have varied opinions on the stock, with price targets ranging from $13.00 to $17.00 and an overall average price target of $15.00.
• Despite the recent downgrade, Solid Biosciences' stock has shown resilience, currently up 1.5%, and analysts forecast a -2.84 EPS for the year.

Wall Street Zen lowered shares of Solid Biosciences (NASDAQ:SLDB - Free Report) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

SLDB has been the topic of a number of other research reports. JMP Securities reaffirmed a "market outperform" rating and issued a $15.00 price objective on shares of Solid Biosciences in a research report on Friday, June 6th. Cantor Fitzgerald set a $16.00 price objective on shares of Solid Biosciences and gave the stock an "overweight" rating in a research report on Monday, July 21st. Piper Sandler dropped their target price on shares of Solid Biosciences from $20.00 to $17.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Barclays dropped their target price on shares of Solid Biosciences from $15.00 to $10.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Finally, HC Wainwright reissued a "buy" rating and set a $20.00 target price on shares of Solid Biosciences in a research report on Tuesday, June 17th. One analyst has rated the stock with a Strong Buy rating and ten have issued a Buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $15.00.

Solid Biosciences Stock Down 0.5%

Shares of Solid Biosciences stock traded down $0.03 on Friday, reaching $5.44. The stock had a trading volume of 1,252,674 shares, compared to its average volume of 724,116. The company has a 50 day moving average price of $5.96 and a 200 day moving average price of $4.64. Solid Biosciences has a 1 year low of $2.41 and a 1 year high of $8.10. The stock has a market capitalization of $423.61 million, a P/E ratio of -1.94 and a beta of 2.54.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.51) by $0.09. On average, 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 have recently made changes to their positions in the company. Legal & General Group Plc increased its holdings 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 purchasing an additional 4,063 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings in Solid Biosciences by 205.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,740 shares of the company's stock worth $33,000 after acquiring an additional 4,534 shares in the last quarter. CWM LLC increased its holdings in Solid Biosciences by 15,188.5% in the 1st quarter. CWM LLC now owns 7,950 shares of the company's stock worth $29,000 after acquiring an additional 7,898 shares in the last quarter. Pallas Capital Advisors LLC purchased a new stake in Solid Biosciences in the 2nd quarter worth $54,000. Finally, Ground Swell Capital LLC purchased a new stake in Solid Biosciences in the 1st quarter worth $42,000. 81.46% of the stock is owned by hedge funds and other institutional investors.

About Solid Biosciences

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.