Solid Biosciences (NASDAQ:SLDB) Price Target Cut to $17.00 by Analysts at Wedbush

Solid Biosciences (NASDAQ:SLDB) had its price target cut by Wedbush from $18.00 to $17.00 in a research note released on Friday,Benzinga reports. They currently have an outperform rating on the stock.

Other analysts also recently issued reports about the company. HC Wainwright upped their price objective on Solid Biosciences from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Cantor Fitzgerald upgraded Solid Biosciences to a “strong-buy” rating in a report on Tuesday. JPMorgan Chase & Co. dropped their price objective on Solid Biosciences from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Chardan Capital restated a “buy” rating and set a $16.00 price objective on shares of Solid Biosciences in a report on Friday, March 7th. Nine analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $14.89.

Solid Biosciences Stock Performance

Shares of SLDB opened at $2.77 on Friday. The stock has a fifty day moving average of $3.52 and a two-hundred day moving average of $4.22. The company has a market capitalization of $214.68 million, a PE ratio of -0.91 and a beta of 2.32. Solid Biosciences has a fifty-two week low of $2.41 and a fifty-two week high of $10.37.

Solid Biosciences (NASDAQ:SLDB) last issued its quarterly earnings results on Thursday, May 15th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.06). As a group, equities research analysts forecast that Solid Biosciences will post -2.84 earnings per share for the current fiscal year.

Institutional Trading of Solid Biosciences

Several large investors have recently added to or reduced their stakes in SLDB. Adage Capital Partners GP L.L.C. increased its holdings in Solid Biosciences by 285.0% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 6,729,484 shares of the company’s stock valued at $24,899,000 after purchasing an additional 4,981,400 shares in the last quarter. Bain Capital Life Sciences Investors LLC increased its holdings in Solid Biosciences by 96.1% in the 1st quarter. Bain Capital Life Sciences Investors LLC now owns 7,911,669 shares of the company’s stock valued at $29,273,000 after purchasing an additional 3,877,087 shares in the last quarter. Siren L.L.C. increased its holdings in Solid Biosciences by 97.8% in the 1st quarter. Siren L.L.C. now owns 7,415,905 shares of the company’s stock valued at $27,439,000 after purchasing an additional 3,666,864 shares in the last quarter. MPM Bioimpact LLC purchased a new position in Solid Biosciences in the 1st quarter valued at about $6,077,000. Finally, Redmile Group LLC boosted its position in Solid Biosciences by 228.2% in the 1st quarter. Redmile Group LLC now owns 2,019,171 shares of the company’s stock valued at $7,471,000 after buying an additional 1,403,925 shares during the last quarter. 81.46% of the stock is currently owned by institutional investors and hedge funds.

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.