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

Solid Biosciences (NASDAQ:SLDB) issued its earnings results on Thursday. The company reported ($0.38) EPS for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.08, FiscalAI reports.

Solid Biosciences Stock Performance

Shares of NASDAQ SLDB traded down $0.32 during mid-day trading on Friday, reaching $8.39. 1,054,879 shares of the company traded hands, compared to its average volume of 1,029,210. The stock has a market cap of $826.00 million, a PE ratio of -4.39 and a beta of 2.41. The company’s fifty day moving average is $8.56 and its two-hundred day moving average is $7.55. Solid Biosciences has a fifty-two week low of $3.79 and a fifty-two week high of $11.45.

Institutional Investors Weigh In On Solid Biosciences

A number of large investors have recently added to or reduced their stakes in the stock. Vestal Point Capital LP grew its stake in Solid Biosciences by 95.5% in the 4th quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock valued at $32,797,000 after buying an additional 2,840,000 shares during the last quarter. Nantahala Capital Management LLC lifted its position in Solid Biosciences by 505.4% during the 2nd quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock worth $8,295,000 after acquiring an additional 1,421,968 shares during the last quarter. Bank of America Corp DE boosted its holdings 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 acquiring an additional 787,957 shares during the period. Woodline Partners LP bought a new stake in Solid Biosciences during the first quarter valued at about $2,338,000. Finally, Armistice Capital LLC grew its position in shares of Solid Biosciences by 134.0% in the third quarter. Armistice Capital LLC now owns 936,000 shares of the company’s stock valued at $5,775,000 after purchasing an additional 536,000 shares during the last quarter. Institutional investors own 81.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Biosciences in a research note on Friday, July 17th. Piper Sandler restated 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. Wall Street Zen raised shares of Solid Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 4th. Wedbush reduced their target price on shares of Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Finally, HC Wainwright boosted their target price on shares of Solid Biosciences from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Solid Biosciences has an average rating of “Moderate Buy” and a consensus target price of $17.11.

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.