Solid Biosciences (NASDAQ:SLDB) Trading Down 7.8% Following Weak Earnings

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) fell 7.8% on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $7.09 and last traded at $7.1150. 1,043,640 shares were traded during trading, a decline of 16% from the average session volume of 1,238,143 shares. The stock had previously closed at $7.72.

The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.12).

Wall Street Analysts Forecast Growth

SLDB has been the subject of several recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research report on Tuesday, April 21st. Truist Financial raised Solid Biosciences to a “strong-buy” rating in a research note on Monday, April 27th. Piper Sandler reiterated an “overweight” rating and issued a $18.00 target price (up from $17.00) on shares of Solid Biosciences in a report on Wednesday. Guggenheim began coverage on Solid Biosciences in a research report on Friday, March 20th. They set a “buy” rating and a $26.00 target price on the stock. Finally, Chardan Capital restated a “buy” rating and issued a $15.00 price target on shares of Solid Biosciences in a research report on Friday, March 20th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Solid Biosciences has an average rating of “Moderate Buy” and an average target price of $16.36.

Insider Transactions at Solid Biosciences

In related news, CFO Kevin Tan sold 5,404 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $5.82, for a total value of $31,451.28. Following the transaction, the chief financial officer owned 99,422 shares of the company’s stock, valued at $578,636.04. This trade represents a 5.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO David T. Howton sold 7,469 shares of Solid Biosciences stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $5.82, for a total transaction of $43,469.58. Following the sale, the chief operating officer owned 105,077 shares of the company’s stock, valued at $611,548.14. The trade was a 6.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 39,925 shares of company stock worth $232,364. Insiders own 13.63% of the company’s stock.

Institutional Trading of Solid Biosciences

Large investors have recently modified their holdings of the company. Boxer Capital Management LLC purchased a new position in Solid Biosciences during the 3rd quarter worth $3,702,000. Jump Financial LLC raised its position in Solid Biosciences by 51.7% during the 2nd quarter. Jump Financial LLC now owns 115,762 shares of the company’s stock valued at $564,000 after purchasing an additional 39,444 shares in the last quarter. Bridgeway Capital Management LLC lifted its holdings in shares of Solid Biosciences by 18.0% in the 2nd quarter. Bridgeway Capital Management LLC now owns 98,531 shares of the company’s stock worth $480,000 after buying an additional 15,000 shares during the period. CIBC Bancorp USA Inc. bought a new position in shares of Solid Biosciences during the 3rd quarter worth $228,000. Finally, Intech Investment Management LLC grew its position in shares of Solid Biosciences by 15.2% during the 4th quarter. Intech Investment Management LLC now owns 34,485 shares of the company’s stock worth $194,000 after buying an additional 4,539 shares in the last quarter. Hedge funds and other institutional investors own 81.46% of the company’s stock.

Solid Biosciences Stock Down 8.0%

The firm has a 50 day moving average price of $7.48 and a 200 day moving average price of $6.27. The stock has a market cap of $699.20 million, a PE ratio of -3.51 and a beta of 2.47.

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.