Solid Biosciences (NASDAQ:SLDB) Trading Up 9.9% on Earnings Beat

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 following a stronger than expected earnings report. The company traded as high as $6.40 and last traded at $6.64. 504,325 shares changed hands 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) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.51) by $0.09.

Wall Street Analyst Weigh In

SLDB has been the subject of several research reports. Chardan Capital restated a "buy" rating and issued a $15.00 price objective on shares of Solid Biosciences in a report on Thursday. Citigroup began coverage on shares of Solid Biosciences in a research report on Thursday, June 26th. They set a "buy" rating and a $14.00 price target on the stock. Barclays lowered their price objective 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. JPMorgan Chase & Co. reduced their target price on Solid Biosciences from $15.00 to $13.00 and set an "overweight" rating on the stock in a report on Thursday. Finally, Wedbush decreased their target price on Solid Biosciences from $17.00 to $14.00 and set an "outperform" rating for the company in a research report on Wednesday, August 13th. One 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 company. Based on data from MarketBeat.com, Solid Biosciences has an average rating of "Buy" and a consensus target price of $15.00.

Institutional Trading of Solid Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in SLDB. JPMorgan Chase & Co. boosted its holdings in Solid Biosciences by 9,393.8% in the fourth quarter. JPMorgan Chase & Co. now owns 955,932 shares of the company's stock worth $3,824,000 after acquiring an additional 945,863 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Solid Biosciences by 12.7% in the 4th quarter. Renaissance Technologies LLC now owns 82,493 shares of the company's stock worth $330,000 after purchasing an additional 9,281 shares during the last quarter. Bank of America Corp DE raised its position in shares of Solid Biosciences by 87.9% in the 4th quarter. Bank of America Corp DE now owns 83,471 shares of the company's stock worth $334,000 after purchasing an additional 39,056 shares during the last quarter. Allianz Asset Management GmbH bought a new position in Solid Biosciences in the 1st quarter worth about $100,000. Finally, XTX Topco Ltd purchased a new stake in Solid Biosciences during the 1st quarter valued at about $151,000. Hedge funds and other institutional investors own 81.46% of the company's stock.

Solid Biosciences Trading Down 1.3%

The firm has a market capitalization of $469.56 million, a P/E ratio of -2.15 and a beta of 2.44. The business's 50 day simple moving average is $5.62 and its two-hundred day simple moving average is $4.45.

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.