Solid Biosciences (NASDAQ:SLDB) Trading Down 3.1% – Here’s Why

Solid Biosciences Inc. (NASDAQ:SLDB)’s stock price was down 3.1% on Tuesday . The company traded as low as $4.87 and last traded at $4.93. Approximately 247,739 shares changed hands during trading, a decline of 91% from the average daily volume of 2,847,080 shares. The stock had previously closed at $5.09.

Analyst Ratings Changes

A number of analysts recently weighed in on SLDB shares. Chardan Capital reiterated a “buy” rating and set a $16.00 price target on shares of Solid Biosciences in a research note on Friday, March 7th. Wedbush started coverage on shares of Solid Biosciences in a research note on Friday, December 13th. They set an “outperform” rating and a $16.00 price target for the company. Citizens Jmp upgraded shares of Solid Biosciences to a “strong-buy” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. decreased their price target on shares of Solid Biosciences from $12.00 to $11.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Truist Financial started coverage on shares of Solid Biosciences in a research note on Wednesday, January 8th. They set a “buy” rating and a $16.00 price target for the company. Nine research analysts have rated the stock with a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $15.70.

Solid Biosciences Stock Performance

The company has a market cap of $398.31 million, a PE ratio of -1.69 and a beta of 1.98. The stock’s 50-day simple moving average is $4.15 and its 200 day simple moving average is $5.47.

Hedge Funds Weigh In On Solid Biosciences

A number of large investors have recently made changes to their positions in SLDB. China Universal Asset Management Co. Ltd. purchased a new position in shares of Solid Biosciences in the 4th quarter valued at about $34,000. Corton Capital Inc. purchased a new position in shares of Solid Biosciences in the 4th quarter valued at about $41,000. Invesco Ltd. purchased a new position in shares of Solid Biosciences in the 4th quarter valued at about $49,000. Sei Investments Co. purchased a new position in shares of Solid Biosciences in the 4th quarter valued at about $52,000. Finally, Wells Fargo & Company MN increased its holdings in shares of 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 purchasing an additional 2,986 shares in the last quarter. Hedge funds and other institutional investors own 81.46% of the company’s stock.

Solid Biosciences Company Profile

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.