Solid Biosciences Inc. (NASDAQ:SLDB – Get Free Report)’s stock price dropped 10% during mid-day trading on Wednesday . The stock traded as low as $8.11 and last traded at $8.0320. Approximately 482,888 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 1,359,185 shares. The stock had previously closed at $8.92.
Wall Street Analyst Weigh In
A number of analysts recently commented on the company. Royal Bank Of Canada initiated coverage on Solid Biosciences in a research report on Wednesday, September 16th. They set an “outperform” rating and a $18.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $25.00 price target on shares of Solid Biosciences in a research note on Monday, September 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a report on Friday, July 17th. Cantor Fitzgerald boosted their price objective on shares of Solid Biosciences from $16.00 to $26.00 and gave the company an “overweight” rating in a research report on Thursday, August 27th. Finally, Loop Capital set a $25.00 price objective on shares of Solid Biosciences in a research note on Monday, September 14th. Twelve research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $18.69.
Check Out Our Latest Analysis on Solid Biosciences
Solid Biosciences Price Performance
Solid Biosciences (NASDAQ:SLDB – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.46) by $0.08. On average, research analysts forecast that Solid Biosciences Inc. will post -1.67 EPS 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. Janus Henderson Group PLC purchased a new stake in Solid Biosciences during the first quarter worth approximately $28,877,000. Armistice Capital LLC boosted its position in Solid Biosciences by 179.1% during the 4th quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock worth $14,732,000 after purchasing an additional 1,676,000 shares during the period. Monashee Investment Management LLC purchased a new stake in Solid Biosciences during the 4th quarter worth $7,613,000. Ally Bridge Group NY LLC increased its holdings in Solid Biosciences by 85.4% in the 1st quarter. Ally Bridge Group NY LLC now owns 766,974 shares of the company’s stock valued at $5,522,000 after purchasing an additional 353,349 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Solid Biosciences by 40.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 956,135 shares of the company’s stock valued at $6,877,000 after purchasing an additional 277,051 shares in the last quarter. Institutional investors and hedge funds own 81.46% of the company’s stock.
About Solid Biosciences
Solid Biosciences Inc (NASDAQ:SLDB) is a biotechnology company developing genetic medicines for neuromuscular and cardiac diseases. The company combines gene therapy, genetic medicine and manufacturing technologies to design treatments intended to address the underlying causes of serious inherited disorders.
Solid’s lead program is SGT-003, an investigational gene therapy being developed for Duchenne muscular dystrophy, a progressive genetic disease that causes muscle degeneration. The company is also advancing SGT-501, an investigational gene therapy for BAG3-associated dilated cardiomyopathy, a rare inherited heart condition.
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