JPMorgan Chase & Co. Lowers Solid Biosciences (NASDAQ:SLDB) Price Target to $13.00

Solid Biosciences (NASDAQ:SLDB) had its target price decreased by JPMorgan Chase & Co. from $15.00 to $13.00 in a research report report published on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other research analysts have also recently issued research reports about the stock. Barclays cut their target price on shares of Solid Biosciences from $15.00 to $10.00 and set an “overweight” rating on the stock in a report on Friday, May 16th. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price target on shares of Solid Biosciences in a research note on Tuesday, June 17th. Chardan Capital dropped their price target on Solid Biosciences from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Monday, May 19th. Wedbush dropped their price target on Solid Biosciences from $17.00 to $14.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $15.00 price target on shares of Solid Biosciences in a research note on Friday, June 6th. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Solid Biosciences presently has an average rating of “Buy” and an average target price of $15.00.

Solid Biosciences Stock Performance

Shares of Solid Biosciences stock opened at $6.17 on Thursday. Solid Biosciences has a 52-week low of $2.41 and a 52-week high of $10.37. The stock has a market capitalization of $480.46 million, a price-to-earnings ratio of -2.20 and a beta of 2.44. The company’s 50 day moving average price is $5.59 and its 200-day moving average price is $4.41.

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

Hedge Funds Weigh In On Solid Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted 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 valued at $3,824,000 after buying an additional 945,863 shares during the period. 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 buying an additional 9,281 shares during the period. 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 buying an additional 39,056 shares during the period. Allianz Asset Management GmbH purchased a new position in Solid Biosciences during the first quarter valued at $100,000. Finally, Invesco Ltd. purchased a new position in Solid Biosciences during the fourth quarter valued at $49,000. Hedge funds and other institutional investors own 81.46% of the company’s stock.

About Solid Biosciences

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.