Solid Biosciences (NASDAQ:SLDB) Issues Quarterly Earnings Results

Solid Biosciences (NASDAQ:SLDB) posted its quarterly earnings data on Thursday. The company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.46) by $0.08, FiscalAI reports.

Solid Biosciences Stock Down 3.7%

Solid Biosciences stock traded down $0.32 during trading on Friday, hitting $8.39. The stock had a trading volume of 1,054,879 shares, compared to its average volume of 1,029,210. The stock’s 50 day moving average is $8.56 and its two-hundred day moving average is $7.55. Solid Biosciences has a 1 year low of $3.79 and a 1 year high of $11.45. The stock has a market cap of $826.00 million, a price-to-earnings ratio of -4.39 and a beta of 2.41.

Institutional Trading of Solid Biosciences

Several hedge funds have recently made changes to their positions in SLDB. Vestal Point Capital LP boosted its holdings in shares of Solid Biosciences by 95.5% in the fourth quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock worth $32,797,000 after acquiring an additional 2,840,000 shares during the period. Nantahala Capital Management LLC boosted its stake in Solid Biosciences by 505.4% during the second quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock valued at $8,295,000 after buying an additional 1,421,968 shares during the period. Bank of America Corp DE boosted its stake in Solid Biosciences by 2,150.4% during the second 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 during the period. Woodline Partners LP purchased a new position in Solid Biosciences during the first quarter worth about $2,338,000. Finally, Armistice Capital LLC grew 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. 81.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SLDB shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Biosciences in a report on Friday, July 17th. Truist Financial upgraded Solid Biosciences to a “strong-buy” rating in a report on Monday, April 27th. HC Wainwright boosted their price objective on Solid Biosciences from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Wall Street Zen upgraded Solid Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Finally, Wedbush reduced their price objective on Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $17.11.

Solid Biosciences Company Profile

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.