Piper Sandler Has Lowered Expectations for Solid Biosciences (NASDAQ:SLDB) Stock Price

Solid Biosciences (NASDAQ:SLDB) had its price objective cut by research analysts at Piper Sandler from $20.00 to $17.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock.

Other equities analysts also recently issued research reports about the stock. Barclays cut their price objective on shares of Solid Biosciences from $15.00 to $10.00 and set an “overweight” rating for the company in a research report on Friday. Cantor Fitzgerald upgraded shares of Solid Biosciences to a “strong-buy” rating in a research report on Tuesday, May 13th. JPMorgan Chase & Co. cut their price target on shares of Solid Biosciences from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Chardan Capital reiterated a “buy” rating and issued a $16.00 price target on shares of Solid Biosciences in a report on Friday, March 7th. Finally, HC Wainwright increased their price target on shares of Solid Biosciences from $16.00 to $20.00 and gave the company a “buy” rating in a report on Monday, March 10th. Nine research analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, Solid Biosciences currently has an average rating of “Buy” and an average target price of $14.89.

Solid Biosciences Price Performance

Shares of NASDAQ:SLDB opened at $2.77 on Friday. The stock has a market cap of $214.68 million, a P/E ratio of -0.91 and a beta of 2.32. The firm has a fifty day moving average price of $3.52 and a 200 day moving average price of $4.20. Solid Biosciences has a 1-year low of $2.41 and a 1-year high of $10.37.

Solid Biosciences (NASDAQ:SLDB) last announced its quarterly earnings data on Thursday, May 15th. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.06). Sell-side analysts expect that Solid Biosciences will post -2.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Solid Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its position in Solid Biosciences by 9,393.8% during the fourth quarter. JPMorgan Chase & Co. now owns 955,932 shares of the company’s stock worth $3,824,000 after acquiring an additional 945,863 shares during the last quarter. Renaissance Technologies LLC raised its position in Solid Biosciences by 12.7% during the fourth quarter. Renaissance Technologies LLC now owns 82,493 shares of the company’s stock worth $330,000 after acquiring an additional 9,281 shares during the last quarter. Wellington Management Group LLP raised its position in Solid Biosciences by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 124,551 shares of the company’s stock worth $498,000 after acquiring an additional 4,747 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Solid Biosciences by 10.5% during the fourth quarter. Rhumbline Advisers now owns 43,677 shares of the company’s stock worth $175,000 after buying an additional 4,161 shares in the last quarter. Finally, Prudential Financial Inc. grew its holdings in shares of Solid Biosciences by 71.3% during the fourth quarter. Prudential Financial Inc. now owns 109,105 shares of the company’s stock worth $436,000 after buying an additional 45,400 shares in the last quarter. Institutional investors and hedge funds 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.