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

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

Solid Biosciences Stock Down 3.7%

Shares of NASDAQ:SLDB traded down $0.32 during midday trading 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. The firm has a market capitalization of $826.00 million, a PE ratio of -4.39 and a beta of 2.41. Solid Biosciences has a twelve month low of $3.79 and a twelve month high of $11.45. The stock has a fifty day moving average of $8.56 and a 200 day moving average of $7.55.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research note on Friday, July 17th. HC Wainwright increased their price objective on Solid Biosciences from $20.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Piper Sandler restated an “overweight” rating and issued a $18.00 price objective (up from $17.00) on shares of Solid Biosciences in a research note on Wednesday, May 13th. Finally, Truist Financial upgraded Solid Biosciences to a “strong-buy” rating in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Solid Biosciences has a consensus rating of “Moderate Buy” and an average price target of $17.11.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vestal Point Capital LP lifted its holdings in shares of 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 period. Nantahala Capital Management LLC boosted its stake in shares of Solid Biosciences by 505.4% in the second quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock worth $8,295,000 after buying an additional 1,421,968 shares during the last quarter. Bank of America Corp DE grew 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 worth $4,016,000 after acquiring an additional 787,957 shares during the period. Woodline Partners LP acquired a new stake in Solid Biosciences during the first quarter worth about $2,338,000. Finally, Armistice Capital LLC boosted its position in Solid Biosciences by 134.0% in the 3rd quarter. Armistice Capital LLC now owns 936,000 shares of the company’s stock worth $5,775,000 after purchasing an additional 536,000 shares in the last quarter. 81.46% of the stock is currently owned by institutional investors and hedge funds.

Solid Biosciences Company Profile

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.