Solid Biosciences (NASDAQ:SLDB) Shares Down 3.1% – Here’s What Happened

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) dropped 3.1% on Tuesday . The stock traded as low as $4.87 and last traded at $4.93. Approximately 247,739 shares were traded 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

Several research firms have recently weighed in on SLDB. Chardan Capital reaffirmed a “buy” rating and set a $16.00 target price on shares of Solid Biosciences in a report on Friday. Truist Financial assumed coverage on Solid Biosciences in a research report on Wednesday, January 8th. They set a “buy” rating and a $16.00 target price on the stock. Wedbush initiated coverage on Solid Biosciences in a report on Friday, December 13th. They issued an “outperform” rating and a $16.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on Solid Biosciences from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Finally, Citizens Jmp raised Solid Biosciences to a “strong-buy” rating in a research note on Tuesday, December 10th. Nine research analysts have rated the stock with a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, Solid Biosciences currently has an average rating of “Buy” and an average target price of $15.80.

Solid Biosciences Stock Performance

The company has a market cap of $427.00 million, a price-to-earnings ratio of -1.84 and a beta of 1.98. The firm’s 50 day simple moving average is $4.09 and its 200-day simple moving average is $5.50.

Institutional Trading of Solid Biosciences

Several large investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. acquired a new position in shares of Solid Biosciences during the 4th quarter worth approximately $34,000. The Manufacturers Life Insurance Company purchased a new position in Solid Biosciences during the third quarter worth approximately $71,000. Corton Capital Inc. acquired a new position in Solid Biosciences during the fourth quarter worth $41,000. Invesco Ltd. purchased a new stake in Solid Biosciences in the 4th quarter valued at $49,000. Finally, Sei Investments Co. acquired a new stake in shares of Solid Biosciences in the 4th quarter worth $52,000. Hedge funds and other institutional investors own 81.46% of the company’s stock.

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.