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

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) saw unusually-strong trading volume on Thursday . Approximately 825,296 shares traded hands 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.

Analysts Set New Price Targets

A number of analysts have recently commented on SLDB shares. Piper Sandler reissued an “overweight” rating and issued a $18.00 price target (up from $17.00) on shares of Solid Biosciences in a research report on Wednesday, May 13th. Wedbush dropped their price target 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. HC Wainwright boosted their price target on Solid Biosciences from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Needham & Company LLC reissued a “buy” rating and issued a $19.00 price target on shares of Solid Biosciences in a research report on Friday, March 20th. Finally, Wall Street Zen cut Solid Biosciences from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. One research 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 stock. According to MarketBeat.com, Solid Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Solid Biosciences Stock Up 6.0%

The firm has a market capitalization of $762.99 million, a PE ratio of -3.97 and a beta of 2.43. The firm’s fifty day simple moving average is $7.35 and its 200-day simple moving average is $6.64.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Boxer Capital Management LLC purchased a new position in shares of Solid Biosciences during the third quarter valued at approximately $3,702,000. UBS Group AG raised its holdings in shares of Solid Biosciences by 25.9% during the fourth quarter. UBS Group AG now owns 911,409 shares of the company’s stock valued at $5,140,000 after purchasing an additional 187,264 shares during the last quarter. Monashee Investment Management LLC purchased a new position in shares of Solid Biosciences during the fourth quarter valued at approximately $7,613,000. Fisher Asset Management LLC purchased a new position in shares of Solid Biosciences during the fourth quarter valued at approximately $584,000. Finally, Armistice Capital LLC raised its holdings in shares of Solid Biosciences by 179.1% during the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock valued at $14,732,000 after purchasing an additional 1,676,000 shares during the last quarter. 81.46% of the stock is owned by hedge funds and other institutional investors.

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.