Solid Biosciences (NASDAQ:SLDB) Shares Down 4.9% – Here’s Why

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) were down 4.9% on Monday . The company traded as low as $5.03 and last traded at $5.16. Approximately 377,782 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 2,873,468 shares. The stock had previously closed at $5.42.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SLDB. Truist Financial started coverage on Solid Biosciences in a report on Wednesday, January 8th. They issued a “buy” rating and a $16.00 target price for the company. Wedbush initiated coverage on shares of Solid Biosciences in a research note on Friday, December 13th. They issued an “outperform” rating and a $16.00 price objective for the company. HC Wainwright raised their target price on shares of Solid Biosciences from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Monday. JMP Securities began coverage on shares of Solid Biosciences in a report on Tuesday, December 10th. They issued an “outperform” rating and a $15.00 target price on the stock. Finally, Citizens Jmp upgraded shares of Solid Biosciences to a “strong-buy” rating in a report on Tuesday, December 10th. Nine analysts have rated the stock with a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Solid Biosciences has an average rating of “Buy” and an average target price of $15.80.

Solid Biosciences Trading Up 10.2 %

The firm’s fifty day moving average price is $4.12 and its 200-day moving average price is $5.47. The company has a market cap of $428.15 million, a P/E ratio of -1.85 and a beta of 1.98.

Hedge Funds Weigh In On Solid Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLDB. China Universal Asset Management Co. Ltd. bought a new stake in shares of Solid Biosciences in the 4th quarter worth approximately $34,000. Corton Capital Inc. bought a new position in Solid Biosciences in the fourth quarter worth $41,000. Invesco Ltd. bought a new position in Solid Biosciences in the fourth quarter worth $49,000. Sei Investments Co. acquired a new stake in Solid Biosciences during the fourth quarter worth $52,000. Finally, Wells Fargo & Company MN increased its holdings in Solid Biosciences by 29.4% in the 4th quarter. Wells Fargo & Company MN now owns 13,138 shares of the company’s stock valued at $53,000 after buying an additional 2,986 shares during the period. 81.46% of the stock is currently owned by 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.