Solid Biosciences (NASDAQ:SLDB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.
According to Zacks, “Solid Biosciences LLC is a life science company. It focuses on developing therapies for Duchenne muscular dystrophy. The company is engaged in developing gene therapies, disease modifying therapies and assistive devices, all targeting the various facets of the DMD. Its product candidate includes SGT-001, a gene transfer candidate which is in Phase I/II clinical trial to restore functional dystrophin protein expression in patients’ muscles. Solid Biosciences LLC is headquartered in Cambridge, Massachusetts. “
Several other research firms also recently weighed in on SLDB. Leerink Swann boosted their target price on shares of Solid Biosciences from $28.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 20th. Nomura boosted their target price on shares of Solid Biosciences from $37.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, June 25th. Credit Suisse Group started coverage on shares of Solid Biosciences in a research report on Thursday, September 6th. They issued a “neutral” rating and a $38.00 target price for the company. Finally, Chardan Capital reissued a “buy” rating and issued a $60.00 target price on shares of Solid Biosciences in a research report on Sunday, June 24th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $45.14.
Shares of SLDB traded up $0.06 during midday trading on Thursday, hitting $34.27. The company had a trading volume of 169,686 shares, compared to its average volume of 307,477. The company has a market capitalization of $1.67 billion and a P/E ratio of -11.90. Solid Biosciences has a 52 week low of $6.83 and a 52 week high of $54.84.
Solid Biosciences (NASDAQ:SLDB) last released its earnings results on Friday, August 10th. The company reported ($0.52) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.51) by ($0.01). As a group, sell-side analysts expect that Solid Biosciences will post -2.21 earnings per share for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System acquired a new position in shares of Solid Biosciences in the 1st quarter valued at about $104,000. Partner Investment Management L.P. acquired a new position in shares of Solid Biosciences in the 2nd quarter valued at about $134,000. Citadel Advisors LLC acquired a new position in shares of Solid Biosciences in the 1st quarter valued at about $236,000. Schwab Charles Investment Management Inc. acquired a new position in shares of Solid Biosciences in the 1st quarter valued at about $266,000. Finally, Rhumbline Advisers acquired a new position in shares of Solid Biosciences in the 2nd quarter valued at about $306,000. 60.13% of the stock is owned by institutional investors and hedge funds.
About Solid Biosciences
Solid Biosciences Inc engages in identifying and developing therapies for duchenne muscular dystrophy in the United States. Its lead product candidate includes SGT-001, a gene therapy that is in Phase I/II clinical trials to restore functional dystrophin protein expression in patients' muscles. The company's product candidates also comprise SB-001, a monoclonal antibody to reduce fibrosis and inflammation.
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