HC Wainwright Predicts Lower Earnings for Solid Biosciences

Key Points

• HC Wainwright has lowered its FY2029 earnings estimate for Solid Biosciences to $1.07 per share from a previous estimate of $1.10, while maintaining a "Buy" rating and a price target of $20.00.
• Other analysts have also decreased their price targets for Solid Biosciences, with Chardan Capital reducing it from $16.00 to $15.00, and Barclays cutting theirs from $15.00 to $10.00.
• Solid Biosciences reported a quarterly earnings per share of ($0.42), surpassing the consensus estimate of ($0.51) by $0.09.

Solid Biosciences Inc. (NASDAQ:SLDB - Free Report) - Stock analysts at HC Wainwright decreased their FY2029 earnings estimates for shares of Solid Biosciences in a research report issued to clients and investors on Wednesday, August 13th. HC Wainwright analyst A. He now anticipates that the company will earn $1.07 per share for the year, down from their previous estimate of $1.10. HC Wainwright currently has a "Buy" rating and a $20.00 price target on the stock. The consensus estimate for Solid Biosciences' current full-year earnings is ($2.84) per share.

Other analysts also recently issued reports about the stock. Chardan Capital reduced their price target on shares of Solid Biosciences from $16.00 to $15.00 and set a "buy" rating for the company in a report on Monday, May 19th. Citigroup initiated coverage on shares of Solid Biosciences in a report on Thursday, June 26th. They issued a "buy" rating and a $14.00 price target for the company. Barclays reduced their price target on shares of Solid Biosciences from $15.00 to $10.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Piper Sandler reduced their price target on shares of Solid Biosciences from $20.00 to $17.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Finally, JMP Securities reissued a "market outperform" rating and issued a $15.00 price target on shares of Solid Biosciences in a report on Friday, June 6th. Ten research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $14.80.

Solid Biosciences Stock Down 5.1%

Solid Biosciences stock traded down $0.34 during mid-day trading on Thursday, reaching $6.34. The company had a trading volume of 328,865 shares, compared to its average volume of 1,942,600. Solid Biosciences has a 52 week low of $2.41 and a 52 week high of $10.37. The company has a 50 day moving average of $5.55 and a 200-day moving average of $4.39. The firm has a market cap of $491.41 million, a price-to-earnings ratio of -2.27 and a beta of 2.44.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.09.

Institutional Investors Weigh In On Solid Biosciences

A number of hedge funds have recently made changes to their positions in the company. Bain Capital Life Sciences Investors LLC increased its position in shares of Solid Biosciences by 96.1% during the 1st quarter. Bain Capital Life Sciences Investors LLC now owns 7,911,669 shares of the company's stock worth $29,273,000 after purchasing an additional 3,877,087 shares in the last quarter. Siren L.L.C. increased its position in shares of Solid Biosciences by 97.8% during the 1st quarter. Siren L.L.C. now owns 7,415,905 shares of the company's stock worth $27,439,000 after purchasing an additional 3,666,864 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of Solid Biosciences by 285.0% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 6,729,484 shares of the company's stock worth $24,899,000 after purchasing an additional 4,981,400 shares in the last quarter. Vestal Point Capital LP increased its position in shares of Solid Biosciences by 1.8% during the 4th quarter. Vestal Point Capital LP now owns 2,850,000 shares of the company's stock worth $11,400,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Redmile Group LLC increased its position in shares of Solid Biosciences by 228.2% during the 1st quarter. Redmile Group LLC now owns 2,019,171 shares of the company's stock worth $7,471,000 after purchasing an additional 1,403,925 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, 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.

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