Solid Biosciences (NASDAQ:SLDB) Posts Earnings Results, Misses Expectations By $0.12 EPS

Solid Biosciences (NASDAQ:SLDB) issued its quarterly earnings results on Tuesday. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.12), FiscalAI reports.

Solid Biosciences Stock Performance

Shares of Solid Biosciences stock traded up $0.49 during trading hours on Thursday, hitting $7.87. The company’s stock had a trading volume of 844,813 shares, compared to its average volume of 1,240,552. The firm has a fifty day moving average of $7.50 and a 200-day moving average of $6.28. Solid Biosciences has a twelve month low of $2.41 and a twelve month high of $8.87. The stock has a market cap of $774.02 million, a price-to-earnings ratio of -4.00 and a beta of 2.47.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Solid Biosciences from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 25th. Truist Financial raised Solid Biosciences to a “strong-buy” rating in a research note on Monday, April 27th. Piper Sandler reissued an “overweight” rating and set a $18.00 price objective (up from $17.00) on shares of Solid Biosciences in a research note on Wednesday. Wall Street Zen lowered Solid Biosciences from a “hold” rating to a “sell” rating in a research note on Sunday, April 19th. Finally, Wedbush lowered their price objective on Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.36.

Insider Buying and Selling

In related news, CFO Kevin Tan sold 5,404 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $5.82, for a total transaction of $31,451.28. Following the transaction, the chief financial officer owned 99,422 shares of the company’s stock, valued at approximately $578,636.04. This represents a 5.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alexander Cumbo sold 16,644 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $5.82, for a total value of $96,868.08. Following the transaction, the chief executive officer directly owned 235,405 shares in the company, valued at approximately $1,370,057.10. The trade was a 6.60% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 39,925 shares of company stock valued at $232,364. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Solid Biosciences

Several hedge funds have recently bought and sold shares of the company. Siren L.L.C. lifted its stake in Solid Biosciences by 3.7% during the 4th quarter. Siren L.L.C. now owns 7,690,405 shares of the company’s stock worth $43,374,000 after acquiring an additional 274,500 shares in the last quarter. Vestal Point Capital LP raised its holdings in Solid Biosciences by 95.5% in the fourth quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock valued at $32,797,000 after acquiring an additional 2,840,000 shares in the last quarter. Armistice Capital LLC raised its holdings in Solid Biosciences by 179.1% in the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock valued at $14,732,000 after acquiring an additional 1,676,000 shares in the last quarter. Nantahala Capital Management LLC raised its holdings in Solid Biosciences by 505.4% in the second quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock valued at $8,295,000 after acquiring an additional 1,421,968 shares in the last quarter. Finally, Alyeska Investment Group L.P. raised its holdings in Solid Biosciences by 2.6% in the third quarter. Alyeska Investment Group L.P. now owns 1,682,805 shares of the company’s stock valued at $10,383,000 after acquiring an additional 41,984 shares in the last quarter. Institutional investors and hedge funds own 81.46% of the company’s stock.

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.