Wedbush Issues Pessimistic Forecast for Solid Biosciences (NASDAQ:SLDB) Stock Price

Solid Biosciences (NASDAQ:SLDB) had its price target dropped by stock analysts at Wedbush from $17.00 to $14.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price objective indicates a potential upside of 126.90% from the stock’s current price.

Other equities analysts have also issued reports about the stock. HC Wainwright reiterated a “buy” rating and issued a $20.00 price target on shares of Solid Biosciences in a research report on Tuesday, June 17th. Barclays dropped their price target 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, May 16th. Chardan Capital dropped their price target on shares of Solid Biosciences from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, May 19th. Piper Sandler dropped their price target on shares of Solid Biosciences from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Friday, May 16th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $15.00 price target on shares of Solid Biosciences in a research report on Friday, June 6th. Ten analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $15.00.

Solid Biosciences Trading Down 7.6%

Shares of SLDB stock opened at $6.17 on Wednesday. Solid Biosciences has a 12 month low of $2.41 and a 12 month high of $10.37. The stock has a market cap of $480.46 million, a P/E ratio of -2.20 and a beta of 2.44. The company has a 50 day simple moving average of $5.59 and a two-hundred day simple moving average of $4.41.

Solid Biosciences (NASDAQ:SLDB) last announced its earnings results on Tuesday, August 12th. The company reported ($0.42) EPS for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.09. As a group, equities analysts forecast that Solid Biosciences will post -2.84 earnings per share for the current year.

Hedge Funds Weigh In On Solid Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its position in shares of 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 lifted 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 valued at $330,000 after purchasing an additional 9,281 shares during the last quarter. Bank of America Corp DE lifted its position in Solid Biosciences by 87.9% during the fourth quarter. Bank of America Corp DE now owns 83,471 shares of the company’s stock valued at $334,000 after purchasing an additional 39,056 shares during the last quarter. Allianz Asset Management GmbH bought a new position in Solid Biosciences during the first quarter valued at $100,000. Finally, Invesco Ltd. bought a new position in Solid Biosciences during the fourth quarter valued at $49,000. Institutional investors 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.