Solid Biosciences (NASDAQ:SLDB) Trading Down 9% - Here's What Happened

Key Points

• Solid Biosciences shares fell 9% in Friday trading, touching an intraday low of $10.32 before last trading around $10.14. Volume was far below average, with only 86,620 shares changing hands versus a typical 1.48 million.
• Recent analyst sentiment remains mixed but generally constructive: the stock has a consensus “Moderate Buy” rating and an average price target of $17.00. Recent calls ranged from Guggenheim’s $26 buy target to Weiss Ratings’ sell rating.
• The company’s latest earnings report showed a loss of $0.52 per share, missing Wall Street’s estimate of a $0.40 loss. Solid Biosciences is a clinical-stage biotech focused on Duchenne muscular dystrophy, with lead candidate SGT-001 in gene therapy development.

Solid Biosciences Inc. (NASDAQ:SLDB - Get Free Report) dropped 9% during trading on Friday . The company traded as low as $10.32 and last traded at $10.1410. 86,620 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 1,482,121 shares. The stock had previously closed at $11.14.

Analysts Set New Price Targets

SLDB has been the subject of a number of recent research reports. Guggenheim assumed coverage on Solid Biosciences in a research note on Friday, March 20th. They set a "buy" rating and a $26.00 price target for the company. Truist Financial upgraded Solid Biosciences to a "strong-buy" rating in a report on Monday, April 27th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Solid Biosciences in a research note on Tuesday, April 21st. Wedbush dropped their price target on shares of Solid Biosciences from $17.00 to $16.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 13th. Finally, JPMorgan Chase & Co. raised their price target on shares of Solid Biosciences from $11.00 to $12.00 and gave the company an "overweight" rating in a report on Wednesday, March 25th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.

Solid Biosciences Trading Down 7.5%

The company's fifty day moving average is $7.89 and its 200-day moving average is $7.12. The firm has a market capitalization of $1.01 billion, a P/E ratio of -5.26 and a beta of 2.36.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last released its earnings results on Tuesday, May 12th. The company reported ($0.52) earnings per share for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.12). On average, equities research analysts anticipate that Solid Biosciences Inc. will post -1.9 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc boosted its position in shares of Solid Biosciences by 208.6% in the second quarter. Legal & General Group Plc now owns 6,011 shares of the company's stock valued at $29,000 after acquiring an additional 4,063 shares during the period. Creative Planning acquired a new stake in Solid Biosciences in the 2nd quarter worth $57,000. Russell Investments Group Ltd. increased its holdings in shares of Solid Biosciences by 142.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company's stock worth $63,000 after purchasing an additional 5,991 shares during the period. Polymer Capital Management US LLC acquired a new stake in Solid Biosciences during the third quarter worth about $94,000. Finally, Jain Global LLC bought a new stake in shares of Solid Biosciences in the 4th quarter worth approximately $114,000. 81.46% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.