Solid Biosciences (NASDAQ:SLDB) Posts Earnings Results, Beats Estimates By $0.09 EPS

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 Price Performance

Shares of SLDB stock traded down $0.04 on Tuesday, hitting $6.04. 1,665,197 shares of the company's stock were exchanged, compared to its average volume of 1,957,073. Solid Biosciences has a 12 month low of $2.41 and a 12 month high of $10.37. The stock has a market cap of $468.16 million, a P/E ratio of -2.02 and a beta of 2.44. The company has a 50 day moving average of $5.45 and a 200 day moving average of $4.36.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Barclays reduced their price target on Solid Biosciences from $15.00 to $10.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Piper Sandler reduced their price target on Solid Biosciences from $20.00 to $17.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. JMP Securities restated a "market outperform" rating and issued a $15.00 price target on shares of Solid Biosciences in a research note on Friday, June 6th. 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. Finally, Chardan Capital cut their target price on Solid Biosciences from $16.00 to $15.00 and set a "buy" rating for the company in a research report on Monday, May 19th. Ten analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $15.10.

Institutional Trading of Solid Biosciences

Institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc lifted its position in shares of Solid Biosciences by 208.6% during the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company's stock worth $29,000 after buying an additional 4,063 shares during the last quarter. Creative Planning bought a new stake in shares of Solid Biosciences during the 2nd quarter worth $57,000. JPMorgan Chase & Co. increased its holdings in Solid Biosciences by 111.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 34,379 shares of the company's stock worth $167,000 after purchasing an additional 18,094 shares in the last quarter. AQR Capital Management LLC acquired a new position in Solid Biosciences in the 1st quarter worth about $418,000. Finally, Rhumbline Advisers increased its holdings in Solid Biosciences by 159.2% in the 2nd quarter. Rhumbline Advisers now owns 102,169 shares of the company's stock worth $498,000 after purchasing an additional 62,747 shares in the last quarter. 81.46% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.