Solid Biosciences (NASDAQ:SLDB) Announces Quarterly Earnings Results, Misses Expectations By $0.06 EPS

Solid Biosciences (NASDAQ:SLDB) issued its quarterly earnings data on Monday. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.06), Zacks reports.

Solid Biosciences Trading Down 3.5%

Shares of SLDB stock traded down $0.19 during midday trading on Monday, reaching $5.20. 1,721,603 shares of the stock were exchanged, compared to its average volume of 1,698,377. The firm has a market cap of $404.92 million, a PE ratio of -1.86 and a beta of 2.53. The company’s 50 day moving average is $5.69 and its two-hundred day moving average is $5.02. Solid Biosciences has a 1 year low of $2.41 and a 1 year high of $7.37.

Institutional Trading of Solid Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of SLDB. Nantahala Capital Management LLC boosted its stake in shares of Solid Biosciences by 505.4% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock worth $8,295,000 after buying an additional 1,421,968 shares during the last quarter. Bank of America Corp DE increased its stake in Solid Biosciences by 2,150.4% during the second 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 during the last quarter. Woodline Partners LP bought a new stake in Solid Biosciences during the first quarter worth approximately $2,338,000. Armistice Capital LLC purchased a new position in shares of Solid Biosciences during the second quarter valued at approximately $1,948,000. Finally, Goldman Sachs Group Inc. boosted its position in shares of Solid Biosciences by 32.2% during the first quarter. Goldman Sachs Group Inc. now owns 180,137 shares of the company’s stock valued at $667,000 after buying an additional 43,910 shares during the period. Institutional investors own 81.46% of the company’s stock.

Analysts Set New Price Targets

SLDB has been the subject of several research analyst reports. Cantor Fitzgerald set a $16.00 price objective on shares of Solid Biosciences and gave the company an “overweight” rating in a research report on Monday, July 21st. Chardan Capital reaffirmed a “buy” rating and set a $15.00 price target on shares of Solid Biosciences in a research report on Thursday, August 14th. Wedbush dropped their price objective on shares of Solid Biosciences from $17.00 to $14.00 and set an “outperform” rating on the stock in a report on Wednesday, August 13th. Wall Street Zen downgraded shares of Solid Biosciences from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Solid Biosciences from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Solid Biosciences has an average rating of “Moderate Buy” and an average price target of $15.00.

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.