Solid Biosciences (NASDAQ:SLDB) Posts Earnings Results, Beats Expectations By $0.08 EPS

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

Solid Biosciences Stock Down 3.7%

Shares of SLDB stock traded down $0.32 during trading hours on Friday, reaching $8.39. The company’s stock had a trading volume of 1,054,879 shares, compared to its average volume of 1,029,210. Solid Biosciences has a fifty-two week low of $3.79 and a fifty-two week high of $11.45. The firm’s 50 day simple moving average is $8.56 and its 200-day simple moving average is $7.55. The company has a market capitalization of $826.00 million, a price-to-earnings ratio of -4.39 and a beta of 2.41.

Analysts Set New Price Targets

SLDB has been the subject of several research analyst reports. Wedbush reduced their target price 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. Wall Street Zen upgraded Solid Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Biosciences in a research note on Friday, July 17th. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price objective (up from $17.00) on shares of Solid Biosciences in a report on Wednesday, May 13th. Finally, Truist Financial raised shares of Solid Biosciences to a “strong-buy” rating in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.11.

Institutional Trading of Solid Biosciences

Several large investors have recently bought and sold shares of the business. Legal & General Group Plc boosted its stake in shares of Solid Biosciences by 208.6% in the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock valued at $29,000 after purchasing an additional 4,063 shares in the last quarter. Creative Planning bought a new position in Solid Biosciences in the 2nd quarter valued at approximately $57,000. Russell Investments Group Ltd. lifted its stake in Solid Biosciences by 142.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock valued at $63,000 after purchasing an additional 5,991 shares during the last quarter. Polymer Capital Management US LLC acquired a new stake in Solid Biosciences in the third quarter valued at approximately $94,000. Finally, Jain Global LLC bought a new stake in shares of Solid Biosciences during the fourth quarter worth $114,000. 81.46% of the stock is owned by institutional investors and hedge funds.

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.