Solid Biosciences (NASDAQ:SLDB) Issues Earnings Results

Key Points

• Solid Biosciences reported earnings of ($0.42) per share, surpassing analysts' estimates of ($0.51) by $0.09.
• Despite a decline in share price to $6.04, Solid Biosciences has received several positive ratings from analysts, with a consensus "Buy" rating and an average price target of $15.10.
• Institutional ownership is significant, with 81.46% of shares held by institutional investors, indicating strong institutional confidence in the company's prospects.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) posted its earnings results on Tuesday. The company reported ($0.42) earnings per share for the quarter, topping analysts' consensus estimates of ($0.51) by $0.09, Zacks reports.

Solid Biosciences Stock Performance

NASDAQ SLDB traded down $0.06 during trading hours on Friday, reaching $6.11. The stock had a trading volume of 885,619 shares, compared to its average volume of 1,377,243. The stock has a fifty day moving average of $5.62 and a 200 day moving average of $4.45. The stock has a market cap of $475.79 million, a P/E ratio of -2.18 and a beta of 2.44. Solid Biosciences has a 52-week low of $2.41 and a 52-week high of $10.37.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SLDB. Bridgeway Capital Management LLC grew its holdings in Solid Biosciences by 18.0% in the 2nd quarter. Bridgeway Capital Management LLC now owns 98,531 shares of the company's stock valued at $480,000 after buying an additional 15,000 shares in the last quarter. Bank of America Corp DE raised its position in shares of Solid Biosciences by 2,150.4% during the 2nd 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 in the last quarter. Nantahala Capital Management LLC raised its position in shares of 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 acquiring an additional 1,421,968 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Solid Biosciences by 168.1% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,143 shares of the company's stock worth $176,000 after buying an additional 22,663 shares during the last quarter. Finally, Armistice Capital LLC purchased a new position in Solid Biosciences in the 2nd quarter valued at $1,948,000. 81.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. HC Wainwright reiterated a "buy" rating and set a $20.00 target price on shares of Solid Biosciences in a research report on Tuesday, June 17th. Wedbush reduced their target price on shares of Solid Biosciences from $17.00 to $14.00 and set an "outperform" rating for the company in a research note on Wednesday. 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 research report on Friday, May 16th. Chardan Capital restated a "buy" rating and set a $15.00 price target on shares of Solid Biosciences in a research report on Thursday. Finally, JMP Securities reissued a "market outperform" rating and issued a $15.00 price target on shares of Solid Biosciences in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $15.00.

About Solid Biosciences

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.