Solid Biosciences (NASDAQ:SLDB) Releases Earnings Results

Solid Biosciences (NASDAQ:SLDB) issued its quarterly earnings data on Thursday. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.05), FiscalAI reports.

Solid Biosciences Price Performance

NASDAQ SLDB remained flat at $7.12 on Thursday. 1,003,060 shares of the company’s stock were exchanged, compared to its average volume of 1,392,840. The stock’s 50 day moving average is $6.40 and its 200 day moving average is $5.78. Solid Biosciences has a one year low of $2.41 and a one year high of $8.72. The stock has a market cap of $554.72 million, a PE ratio of -2.86 and a beta of 2.65.

Insider Activity at Solid Biosciences

In other Solid Biosciences news, CEO Alexander Cumbo sold 16,644 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $5.82, for a total value of $96,868.08. Following the completion of the sale, the chief executive officer directly owned 235,405 shares in the company, valued at approximately $1,370,057.10. This represents a 6.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO David T. Howton sold 7,469 shares of Solid Biosciences stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $5.82, for a total value of $43,469.58. Following the completion of the transaction, the chief operating officer owned 105,077 shares in the company, valued at $611,548.14. This trade represents a 6.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 597,672 shares of company stock valued at $3,816,546 over the last quarter. 1.90% of the stock is currently owned by insiders.

Institutional Trading of Solid Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vestal Point Capital LP raised its position in Solid Biosciences by 95.5% during the fourth quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock worth $32,797,000 after acquiring an additional 2,840,000 shares during the period. Nantahala Capital Management LLC increased its stake 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 buying an additional 1,421,968 shares during the period. Bank of America Corp DE raised its position in Solid Biosciences by 2,150.4% in the 2nd quarter. Bank of America Corp DE now owns 824,600 shares of the company’s stock valued at $4,016,000 after purchasing an additional 787,957 shares in the last quarter. Woodline Partners LP acquired a new stake in Solid Biosciences in the first quarter valued at approximately $2,338,000. Finally, Armistice Capital LLC lifted its holdings in Solid Biosciences by 134.0% during the 3rd quarter. Armistice Capital LLC now owns 936,000 shares of the company’s stock worth $5,775,000 after buying an additional 536,000 shares during the last quarter. 81.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on SLDB. Wedbush reiterated an “outperform” rating and set a $14.00 price objective on shares of Solid Biosciences in a research note on Wednesday, March 11th. Needham & Company LLC reiterated a “buy” rating and set a $16.00 target price on shares of Solid Biosciences in a research note on Monday, February 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research note on Thursday, January 22nd. Citigroup restated a “market outperform” rating on shares of Solid Biosciences in a research report on Wednesday, December 17th. Finally, Chardan Capital reissued a “buy” rating and set a $15.00 price objective on shares of Solid Biosciences in a research report on Thursday, March 12th. Ten investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $14.70.

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.