Solid Biosciences (NASDAQ:SLDB – Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.12), FiscalAI reports.
Solid Biosciences Price Performance
Shares of NASDAQ:SLDB opened at $7.72 on Wednesday. Solid Biosciences has a 1-year low of $2.41 and a 1-year high of $8.87. The business has a fifty day moving average price of $7.48 and a 200-day moving average price of $6.27. The company has a market capitalization of $759.73 million, a PE ratio of -3.82 and a beta of 2.47.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on SLDB shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a report on Tuesday, April 21st. JPMorgan Chase & Co. increased their target price on shares of Solid Biosciences from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Wednesday, March 25th. Guggenheim started coverage on shares of Solid Biosciences in a report on Friday, March 20th. They set a “buy” rating and a $26.00 target price for the company. Wedbush reiterated an “outperform” rating and set a $14.00 target price on shares of Solid Biosciences in a report on Wednesday, March 11th. Finally, Chardan Capital reiterated a “buy” rating and set a $15.00 target price on shares of Solid Biosciences in a report on Friday, March 20th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Solid Biosciences has a consensus rating of “Moderate Buy” and an average target price of $16.09.
Insider Buying and Selling
In related news, CEO Alexander Cumbo sold 16,644 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $5.82, for a total value of $96,868.08. Following the completion of the transaction, the chief executive officer directly owned 235,405 shares in the company, valued at $1,370,057.10. The trade was a 6.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin Tan sold 5,404 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $5.82, for a total transaction of $31,451.28. Following the completion of the transaction, the chief financial officer owned 99,422 shares of the company’s stock, valued at approximately $578,636.04. The trade was a 5.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 39,925 shares of company stock worth $232,364 in the last three months. Insiders own 13.63% of the company’s stock.
Hedge Funds Weigh In On Solid Biosciences
Hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc raised its holdings in Solid Biosciences by 208.6% in the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock worth $29,000 after acquiring an additional 4,063 shares during the last quarter. Creative Planning purchased a new position in Solid Biosciences in the 2nd quarter worth approximately $57,000. Russell Investments Group Ltd. raised its holdings in Solid Biosciences by 142.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock worth $63,000 after acquiring an additional 5,991 shares during the last quarter. Polymer Capital Management US LLC purchased a new position in Solid Biosciences in the 3rd quarter worth approximately $94,000. Finally, Fox Run Management L.L.C. purchased a new position in Solid Biosciences in the 3rd quarter worth approximately $114,000. 81.46% of the stock is currently owned by hedge funds and other institutional investors.
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.
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