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

Key Points

• Solid Biosciences reported quarterly EPS of ($0.38), beating analysts’ consensus estimate of ($0.46) by $0.08.
• Shares traded at $8.39, down $0.32, with the company valued at approximately $826 million; institutional investors own 81.46% of the stock.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $17.11, despite some downgraded or sell ratings.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) released its quarterly earnings results on Thursday. The company reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.46) by $0.08, FiscalAI reports.

Solid Biosciences Stock Performance

NASDAQ:SLDB traded down $0.32 during mid-day trading on Friday, hitting $8.39. 1,054,879 shares of the company's stock traded hands, compared to its average volume of 1,029,210. The company has a fifty day moving average of $8.56 and a 200 day moving average of $7.55. Solid Biosciences has a twelve month low of $3.79 and a twelve month high of $11.45. The company has a market capitalization of $826.00 million, a P/E ratio of -4.39 and a beta of 2.41.

Institutional Investors Weigh In On Solid Biosciences

Institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc increased its holdings 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 valued at $29,000 after acquiring an additional 4,063 shares in the last quarter. Creative Planning acquired a new stake in Solid Biosciences in the 2nd quarter worth approximately $57,000. Russell Investments Group Ltd. boosted its stake in Solid Biosciences by 142.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company's stock worth $63,000 after purchasing an additional 5,991 shares in the last quarter. Polymer Capital Management US LLC acquired a new stake in Solid Biosciences in the 3rd quarter worth approximately $94,000. Finally, Jain Global LLC purchased a new stake in Solid Biosciences during the 4th quarter worth approximately $114,000. Institutional investors and hedge funds own 81.46% of the company's stock.

Wall Street Analysts Forecast Growth

SLDB has been the subject of a number of recent research reports. Wedbush reduced their target price on shares of Solid Biosciences from $17.00 to $16.00 and set an "outperform" rating for the company in a report on Wednesday, May 13th. HC Wainwright lifted their price objective on shares of Solid Biosciences from $20.00 to $25.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. Wall Street Zen upgraded shares of Solid Biosciences from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Solid Biosciences in a research note on Friday, July 17th. Finally, Truist Financial raised shares of Solid Biosciences to a "strong-buy" rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Solid Biosciences has a consensus rating of "Moderate Buy" and a consensus price target of $17.11.

About Solid Biosciences

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source