Solid Biosciences (NASDAQ:SLDB) Upgraded to “Sell” at Wall Street Zen

Solid Biosciences (NASDAQ:SLDB) was upgraded by equities researchers at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research report issued on Saturday.

Other equities research analysts have also recently issued research reports about the company. Truist Financial raised Solid Biosciences to a “strong-buy” rating in a research note on Monday, April 27th. Wedbush reduced their target price on Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price target (up from $17.00) on shares of Solid Biosciences in a research note on Wednesday, May 13th. Needham & Company LLC reiterated a “buy” rating and set a $19.00 price target on shares of Solid Biosciences in a report on Friday, March 20th. Finally, Guggenheim assumed coverage on Solid Biosciences in a research report on Friday, March 20th. They set a “buy” rating and a $26.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Solid Biosciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Solid Biosciences Price Performance

Shares of NASDAQ SLDB opened at $10.84 on Friday. The company has a 50 day simple moving average of $7.62 and a 200-day simple moving average of $6.95. The company has a market capitalization of $1.07 billion, a P/E ratio of -5.56 and a beta of 2.36. Solid Biosciences has a 1 year low of $3.79 and a 1 year high of $10.88.

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

Hedge Funds Weigh In On Solid Biosciences

A number of hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC acquired a new stake in Solid Biosciences in the 1st quarter valued at approximately $418,000. Goldman Sachs Group Inc. lifted its stake in Solid Biosciences by 32.2% during the first quarter. Goldman Sachs Group Inc. now owns 180,137 shares of the company’s stock worth $667,000 after purchasing an additional 43,910 shares in the last quarter. Woodline Partners LP acquired a new position in Solid Biosciences during the first quarter worth $2,338,000. Creative Planning purchased a new position in shares of Solid Biosciences during the second quarter worth $57,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Solid Biosciences by 111.1% during the second quarter. JPMorgan Chase & Co. now owns 34,379 shares of the company’s stock worth $167,000 after buying an additional 18,094 shares during the period. Hedge funds and other institutional investors own 81.46% of the company’s stock.

About Solid Biosciences

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.