Solid Biosciences (NASDAQ:SLDB) Upgraded at Wall Street Zen

Key Points

• Solid Biosciences has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a more cautious approach to investing in the company.
• Despite a recent drop of 6.9% in stock value, the average rating remains a "Moderate Buy" with a consensus price target of $15.00.
• Institutional investors have significantly increased their holdings in Solid Biosciences, with major increases reported from firms like Adage Capital Partners and Bain Capital Life Sciences Investors.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

A number of other equities research analysts also recently commented on SLDB. Wedbush decreased their target price on Solid Biosciences from $17.00 to $14.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Solid Biosciences in a research report on Wednesday. Cantor Fitzgerald set a $16.00 target price on Solid Biosciences and gave the stock an "overweight" rating in a research report on Monday, July 21st. HC Wainwright reiterated a "buy" rating and issued a $20.00 target price on shares of Solid Biosciences in a research report on Tuesday, June 17th. Finally, Chardan Capital reiterated a "buy" rating and issued a $15.00 target price on shares of Solid Biosciences in a research report on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $15.00.

Solid Biosciences Stock Down 6.9%

NASDAQ SLDB opened at $5.96 on Friday. The firm has a market cap of $464.11 million, a price-to-earnings ratio of -2.13 and a beta of 2.53. The business has a 50-day moving average price of $5.79 and a 200-day moving average price of $4.71. Solid Biosciences has a twelve month low of $2.41 and a twelve month high of $7.37.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.42) earnings per share for the quarter, topping analysts' consensus estimates of ($0.51) by $0.09. Research analysts expect that Solid Biosciences will post -2.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Solid Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of SLDB. Adage Capital Partners GP L.L.C. raised its holdings in shares of Solid Biosciences by 285.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 6,729,484 shares of the company's stock worth $24,899,000 after buying an additional 4,981,400 shares during the period. Bain Capital Life Sciences Investors LLC raised its holdings in shares of Solid Biosciences by 96.1% in the first quarter. Bain Capital Life Sciences Investors LLC now owns 7,911,669 shares of the company's stock worth $29,273,000 after buying an additional 3,877,087 shares during the period. Siren L.L.C. raised its holdings in shares of Solid Biosciences by 97.8% in the first quarter. Siren L.L.C. now owns 7,415,905 shares of the company's stock worth $27,439,000 after buying an additional 3,666,864 shares during the period. MPM Bioimpact LLC purchased a new stake in shares of Solid Biosciences in the first quarter worth approximately $6,077,000. Finally, Nantahala Capital Management LLC raised its holdings in shares of Solid Biosciences by 505.4% in the second quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company's stock worth $8,295,000 after buying an additional 1,421,968 shares during the period. 81.46% of the stock is currently 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.

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