Solid Biosciences (NASDAQ:SLDB) Trading Down 7.8% Following Weak Earnings

Solid Biosciences Inc. (NASDAQ:SLDB) shares fell 7.8% during trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $7.09 and last traded at $7.1150. 1,043,640 shares traded hands during trading, a decline of 16% from the average session volume of 1,238,143 shares. The stock had previously closed at $7.72.

The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.12).

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SLDB. Truist Financial upgraded Solid Biosciences to a “strong-buy” rating in a research report on Monday, April 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Biosciences in a research note on Tuesday, April 21st. Wall Street Zen downgraded Solid Biosciences from a “hold” rating to a “sell” rating in a research note on Sunday, April 19th. JPMorgan Chase & Co. raised their target price on shares of Solid Biosciences from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 25th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $20.00 price target on shares of Solid Biosciences in a report on Monday, March 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Solid Biosciences has a consensus rating of “Moderate Buy” and an average target price of $16.36.

Insider Transactions at Solid Biosciences

In related news, CFO Kevin Tan sold 5,404 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $5.82, for a total value of $31,451.28. Following the transaction, the chief financial officer directly owned 99,422 shares of the company’s stock, valued at approximately $578,636.04. The trade was a 5.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO David T. Howton sold 7,469 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $5.82, for a total value of $43,469.58. Following the completion of the transaction, the chief operating officer owned 105,077 shares of the company’s stock, valued at $611,548.14. The trade was a 6.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 39,925 shares of company stock valued at $232,364 over the last 90 days. Company insiders own 13.63% of the company’s stock.

Hedge Funds Weigh In On Solid Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. Siren L.L.C. lifted its stake in Solid Biosciences by 3.7% in the 4th quarter. Siren L.L.C. now owns 7,690,405 shares of the company’s stock worth $43,374,000 after purchasing an additional 274,500 shares in the last quarter. Vestal Point Capital LP lifted its position in shares of Solid Biosciences by 95.5% in the fourth quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock worth $32,797,000 after buying an additional 2,840,000 shares in the last quarter. Armistice Capital LLC boosted its stake in Solid Biosciences by 179.1% during the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock valued at $14,732,000 after buying an additional 1,676,000 shares during the last quarter. Nantahala Capital Management LLC boosted its stake in Solid Biosciences by 505.4% during the second quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock valued at $8,295,000 after buying an additional 1,421,968 shares during the last quarter. Finally, Alyeska Investment Group L.P. increased its stake in Solid Biosciences by 2.6% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,682,805 shares of the company’s stock worth $10,383,000 after acquiring an additional 41,984 shares during the last quarter. Institutional investors own 81.46% of the company’s stock.

Solid Biosciences Trading Down 8.0%

The firm has a market cap of $699.20 million, a P/E ratio of -3.51 and a beta of 2.47. The stock has a 50 day simple moving average of $7.48 and a 200-day simple moving average of $6.27.

Solid Biosciences Company Profile

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.