Solid Biosciences (NASDAQ:SLDB) Shares Up 9.9% Following Better-Than-Expected Earnings

Key Points

• Solid Biosciences Inc. saw its shares rise by 9.9% after reporting better-than-expected earnings, with an EPS of ($0.42), surpassing the projected ($0.51).
• Analysts have a favorable outlook on Solid Biosciences, with a consensus rating of "Buy" and an average target price of $14.80.
• Large investors have heavily invested in the company, with hedge funds and institutional investors owning 81.46% of the stock, indicating strong institutional interest.

Solid Biosciences Inc. (NASDAQ:SLDB - Get Free Report) shares shot up 9.9% during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $6.40 and last traded at $6.64. 504,325 shares were traded during mid-day trading, a decline of 74% from the average session volume of 1,947,158 shares. The stock had previously closed at $6.04.

The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.09.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SLDB shares. HC Wainwright restated a "buy" rating and issued a $20.00 target price on shares of Solid Biosciences in a report on Tuesday, June 17th. Citigroup started coverage on shares of Solid Biosciences in a report on Thursday, June 26th. They issued a "buy" rating and a $14.00 target price for the company. Chardan Capital lowered their target price 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. JMP Securities restated a "market outperform" rating and issued a $15.00 target price on shares of Solid Biosciences in a report on Friday, June 6th. Finally, Cantor Fitzgerald set a $16.00 target price on shares of Solid Biosciences and gave the company an "overweight" rating in a report on Monday, July 21st. 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, Solid Biosciences currently has a consensus rating of "Buy" and a consensus target price of $14.80.

Hedge Funds Weigh In On Solid Biosciences

Large investors have recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. increased its holdings in shares of Solid Biosciences by 285.0% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 6,729,484 shares of the company's stock valued at $24,899,000 after purchasing an additional 4,981,400 shares in the last quarter. Bain Capital Life Sciences Investors LLC increased its holdings in shares of Solid Biosciences by 96.1% in the 1st quarter. Bain Capital Life Sciences Investors LLC now owns 7,911,669 shares of the company's stock valued at $29,273,000 after purchasing an additional 3,877,087 shares in the last quarter. Siren L.L.C. grew its stake in Solid Biosciences by 97.8% in the 1st quarter. Siren L.L.C. now owns 7,415,905 shares of the company's stock valued at $27,439,000 after acquiring an additional 3,666,864 shares during the last quarter. MPM Bioimpact LLC acquired a new stake in Solid Biosciences in the 1st quarter valued at about $6,077,000. Finally, Redmile Group LLC grew its stake in Solid Biosciences by 228.2% in the 1st quarter. Redmile Group LLC now owns 2,019,171 shares of the company's stock valued at $7,471,000 after acquiring an additional 1,403,925 shares during the last quarter. Hedge funds and other institutional investors own 81.46% of the company's stock.

Solid Biosciences Trading Up 10.1%

The stock has a market capitalization of $515.47 million, a price-to-earnings ratio of -2.22 and a beta of 2.44. The stock's 50 day moving average is $5.50 and its 200 day moving average is $4.37.

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.

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