Solid Biosciences (NASDAQ:SLDB) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Solid Biosciences (NASDAQ:SLDB) from a buy rating to a hold rating in a research report report published on Wednesday, Zacks.com reports.

According to Zacks, “Solid Biosciences LLC is a life science company. It focuses on developing therapies for Duchenne muscular dystrophy. The company is engaged in developing gene therapies, disease modifying therapies and assistive devices, all targeting the various facets of the DMD. Its product candidate includes SGT-001, a gene transfer candidate which is in Phase I/II clinical trial to restore functional dystrophin protein expression in patients’ muscles. Solid Biosciences LLC is headquartered in Cambridge, Massachusetts. “

SLDB has been the topic of several other reports. Chardan Capital upped their price objective on shares of Solid Biosciences from $5.00 to $12.50 and gave the stock a buy rating in a research note on Thursday, October 1st. SVB Leerink cut shares of Solid Biosciences from an outperform rating to a market perform rating and set a $3.00 price objective on the stock. in a research note on Monday, July 27th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Solid Biosciences has a consensus rating of Buy and a consensus target price of $6.29.

NASDAQ SLDB opened at $3.78 on Wednesday. The stock has a market cap of $174.27 million, a P/E ratio of -1.65 and a beta of 1.04. The company’s 50-day simple moving average is $2.80 and its 200 day simple moving average is $2.76. Solid Biosciences has a twelve month low of $1.93 and a twelve month high of $13.58. The company has a quick ratio of 3.31, a current ratio of 3.31 and a debt-to-equity ratio of 0.10.

Solid Biosciences (NASDAQ:SLDB) last posted its earnings results on Thursday, August 6th. The company reported ($0.39) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.40) by $0.01. Research analysts anticipate that Solid Biosciences will post -1.44 earnings per share for the current year.

In other Solid Biosciences news, CEO Ilan Ganot sold 11,124 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $2.42, for a total transaction of $26,920.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 18,756 shares of company stock worth $45,390 over the last ninety days. Insiders own 33.12% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Perceptive Advisors LLC bought a new stake in shares of Solid Biosciences during the first quarter valued at approximately $16,132,000. State Street Corp grew its stake in shares of Solid Biosciences by 2.6% during the first quarter. State Street Corp now owns 357,274 shares of the company’s stock valued at $854,000 after purchasing an additional 8,977 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Solid Biosciences by 7.4% during the first quarter. Geode Capital Management LLC now owns 295,693 shares of the company’s stock valued at $706,000 after purchasing an additional 20,479 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Solid Biosciences by 151.1% during the first quarter. JPMorgan Chase & Co. now owns 270,293 shares of the company’s stock valued at $646,000 after purchasing an additional 162,662 shares during the last quarter. Finally, Two Sigma Advisers LP grew its stake in shares of Solid Biosciences by 69.8% during the second quarter. Two Sigma Advisers LP now owns 146,400 shares of the company’s stock valued at $429,000 after purchasing an additional 60,200 shares during the last quarter. 58.10% of the stock is currently owned by institutional investors and hedge funds.

Solid Biosciences Company Profile

Solid Biosciences Inc, a life science company, engages in identifying and developing therapies for duchenne muscular dystrophy (DMD) in the United States. The company's lead product candidate is SGT-001, an adeno-associated viral vector-mediated gene transfer, which is in a Phase I/II clinical trial to restore functional dystrophin protein expression in patients' muscles.

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