Solid Biosciences (NASDAQ:SLDB) Posts Quarterly Earnings Results, Misses Estimates By $0.06 EPS

Solid Biosciences (NASDAQ:SLDB) posted its quarterly earnings data on Monday. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.06), Zacks reports.

Solid Biosciences Stock Performance

Solid Biosciences stock opened at $4.51 on Wednesday. The company has a market capitalization of $351.19 million, a PE ratio of -1.81 and a beta of 2.75. Solid Biosciences has a fifty-two week low of $2.41 and a fifty-two week high of $7.37. The firm has a 50 day moving average price of $5.65 and a 200 day moving average price of $5.05.

Institutional Investors Weigh In On Solid Biosciences

Several institutional investors and hedge funds have recently modified their holdings of the company. Legal & General Group Plc increased its position in shares of Solid Biosciences by 208.6% during the second quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock worth $29,000 after purchasing an additional 4,063 shares in the last quarter. Creative Planning acquired a new position in Solid Biosciences during the second quarter worth $57,000. Bridgeway Capital Management LLC lifted its stake in shares of Solid Biosciences by 18.0% in the second quarter. Bridgeway Capital Management LLC now owns 98,531 shares of the company’s stock valued at $480,000 after purchasing an additional 15,000 shares during the period. JPMorgan Chase & Co. increased its stake in Solid Biosciences by 111.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 34,379 shares of the company’s stock valued at $167,000 after purchasing an additional 18,094 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Solid Biosciences by 168.1% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,143 shares of the company’s stock valued at $176,000 after acquiring an additional 22,663 shares during the last quarter. Hedge funds and other institutional investors own 81.46% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SLDB shares. Wall Street Zen downgraded Solid Biosciences from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. JPMorgan Chase & Co. lowered their target price on shares of Solid Biosciences from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, August 14th. Wedbush reduced their target price on shares of Solid Biosciences from $17.00 to $14.00 and set an “outperform” rating for the company in a research report on Wednesday, August 13th. Barclays set a $9.00 price target on shares of Solid Biosciences and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Solid Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.90.

Solid Biosciences Company Profile

Solid Biosciences Inc, a life science company, develops therapies for neuromuscular and cardiac diseases in the United States. The company's lead product candidate is SGT-003, a gene transfer candidate for the treatment of Duchenne muscular dystrophy; and SGT-501 to treat Catecholaminergic polymorphic ventricular tachycardia.