Solid Biosciences (NASDAQ:SLDB) Issues Quarterly Earnings Results, Misses Expectations By $0.05 EPS

Solid Biosciences (NASDAQ:SLDB) posted its quarterly earnings data on Thursday. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.05), FiscalAI reports.

Solid Biosciences Stock Performance

Shares of Solid Biosciences stock remained flat at $7.12 on Thursday. The stock had a trading volume of 1,003,060 shares, compared to its average volume of 1,691,268. Solid Biosciences has a fifty-two week low of $2.41 and a fifty-two week high of $8.72. The business has a 50-day moving average price of $6.40 and a 200 day moving average price of $5.78.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Chardan Capital restated a “buy” rating and issued a $15.00 price objective on shares of Solid Biosciences in a report on Thursday, March 12th. Needham & Company LLC reiterated a “buy” rating and set a $16.00 price target on shares of Solid Biosciences in a research note on Monday, February 9th. Citigroup restated a “market outperform” rating on shares of Solid Biosciences in a report on Wednesday, December 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a report on Thursday, January 22nd. Finally, Wedbush restated an “outperform” rating and issued a $14.00 price target on shares of Solid Biosciences in a research note on Wednesday, March 11th. Ten investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Solid Biosciences presently has an average rating of “Moderate Buy” and a consensus target price of $14.70.

Insider Buying and Selling at Solid Biosciences

In other Solid Biosciences news, COO David T. Howton sold 37,771 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $6.44, for a total transaction of $243,245.24. Following the completion of the sale, the chief operating officer directly owned 116,753 shares of the company’s stock, valued at $751,889.32. This represents a 24.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin Tan sold 26,837 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $6.44, for a total value of $172,830.28. Following the sale, the chief financial officer directly owned 108,984 shares of the company’s stock, valued at approximately $701,856.96. This represents a 19.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 597,672 shares of company stock valued at $3,816,546. 1.90% of the stock is owned by company insiders.

Institutional Trading of Solid Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vestal Point Capital LP raised its stake in shares of Solid Biosciences by 95.5% during the 4th quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock worth $32,797,000 after buying an additional 2,840,000 shares during the last quarter. Nantahala Capital Management LLC grew its position in shares of Solid Biosciences by 505.4% in the second quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock valued at $8,295,000 after purchasing an additional 1,421,968 shares during the last quarter. Bank of America Corp DE lifted its stake in Solid Biosciences by 2,150.4% in the 2nd quarter. Bank of America Corp DE now owns 824,600 shares of the company’s stock valued at $4,016,000 after buying an additional 787,957 shares in the last quarter. Woodline Partners LP acquired a new stake in Solid Biosciences during the 1st quarter valued at $2,338,000. Finally, Armistice Capital LLC increased its position in Solid Biosciences by 134.0% during the third quarter. Armistice Capital LLC now owns 936,000 shares of the company’s stock worth $5,775,000 after buying an additional 536,000 shares in the last quarter. Institutional investors and hedge funds 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.