Solid Biosciences (NASDAQ:SLDB) Sees Strong Trading Volume – Here’s What Happened

Solid Biosciences Inc. (NASDAQ:SLDB) saw unusually-high trading volume on Thursday . 825,296 shares were traded during mid-day trading, a decline of 34% from the previous session’s volume of 1,255,844 shares.The stock last traded at $7.5840 and had previously closed at $7.31.

Analyst Ratings Changes

A number of research firms have recently weighed in on SLDB. Guggenheim initiated coverage on Solid Biosciences in a research report on Friday, March 20th. They set a “buy” rating and a $26.00 price objective on the stock. Truist Financial upgraded shares of Solid Biosciences to a “strong-buy” rating in a research report on Monday, April 27th. Needham & Company LLC reissued a “buy” rating and issued a $19.00 price objective on shares of Solid Biosciences in a research note on Friday, March 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Biosciences in a research report on Tuesday, April 21st. Finally, HC Wainwright lifted their target price on shares of Solid Biosciences from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Solid Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Solid Biosciences Price Performance

The firm’s fifty day moving average price is $7.37 and its 200 day moving average price is $6.68. The stock has a market cap of $820.09 million, a PE ratio of -4.27 and a beta of 2.43.

Solid Biosciences (NASDAQ:SLDB) last posted its earnings results on Tuesday, May 12th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.12). As a group, analysts anticipate that Solid Biosciences Inc. will post -1.9 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Solid Biosciences

A number of hedge funds have recently made changes to their positions in SLDB. Legal & General Group Plc raised its position in shares of Solid Biosciences by 208.6% during the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock valued at $29,000 after buying an additional 4,063 shares in the last quarter. Creative Planning purchased a new position in Solid Biosciences in the second quarter worth about $57,000. Russell Investments Group Ltd. grew its position in Solid Biosciences by 142.0% in the third quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock worth $63,000 after acquiring an additional 5,991 shares in the last quarter. Polymer Capital Management US LLC bought a new stake in Solid Biosciences during the third quarter worth approximately $94,000. Finally, Fox Run Management L.L.C. bought a new stake in Solid Biosciences during the third quarter worth approximately $114,000. 81.46% of the stock is currently owned by hedge funds and other institutional investors.

Solid Biosciences Company Profile

Solid Biosciences Inc is a clinical‐stage biotechnology company focused on the development of therapies for Duchenne muscular dystrophy (DMD), a rare genetic disorder characterized by progressive muscle degeneration. The company’s primary approach centers on gene replacement and gene editing technologies designed to restore functional dystrophin protein in patients lacking this critical muscle‐stabilizing protein.

Solid’s lead investigational therapy, SGT‐001, is a micro‐dystrophin gene therapy candidate engineered to deliver a shortened but functional form of the dystrophin gene using an adeno‐associated virus (AAV) vector.