Solid Biosciences (NASDAQ:SLDB) was downgraded by investment analysts at Leerink Swann from an “outperform” rating to a “market perform” rating in a report issued on Thursday, The Fly reports.
Several other analysts have also recently weighed in on the stock. BTIG Research initiated coverage on shares of Solid Biosciences in a research note on Monday, December 10th. They issued a “neutral” rating for the company. Zacks Investment Research cut shares of Solid Biosciences from a “hold” rating to a “sell” rating in a research note on Thursday, October 11th. Citigroup lifted their price objective on shares of Solid Biosciences from $25.00 to $31.00 and gave the stock a “sell” rating in a research note on Monday, December 3rd. Finally, Chardan Capital reiterated a “buy” rating and issued a $15.00 price objective on shares of Solid Biosciences in a research note on Thursday. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $37.56.
Solid Biosciences stock traded down $15.15 during midday trading on Thursday, hitting $7.19. The company’s stock had a trading volume of 16,587,280 shares, compared to its average volume of 937,739. Solid Biosciences has a 1-year low of $5.97 and a 1-year high of $54.84. The stock has a market capitalization of $816.36 million and a price-to-earnings ratio of -2.50.
Solid Biosciences (NASDAQ:SLDB) last issued its quarterly earnings data on Tuesday, November 13th. The company reported ($0.55) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.01. On average, equities analysts forecast that Solid Biosciences will post -2.21 EPS for the current year.
In other Solid Biosciences news, Director Matthew Bennett Arnold sold 5,000 shares of the firm’s stock in a transaction dated Monday, January 14th. The shares were sold at an average price of $32.00, for a total value of $160,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Pedro Alvaro Amorrortu sold 9,000 shares of the firm’s stock in a transaction dated Friday, January 4th. The shares were sold at an average price of $30.07, for a total transaction of $270,630.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 149,240 shares of company stock worth $4,614,793.
A number of hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. bought a new position in Solid Biosciences in the 1st quarter valued at about $25,063,000. Boxer Capital LLC increased its holdings in Solid Biosciences by 270.7% in the 2nd quarter. Boxer Capital LLC now owns 2,780,000 shares of the company’s stock valued at $99,051,000 after buying an additional 2,030,000 shares during the period. Partner Fund Management L.P. increased its holdings in Solid Biosciences by 70.4% in the 3rd quarter. Partner Fund Management L.P. now owns 799,777 shares of the company’s stock valued at $37,733,000 after buying an additional 330,410 shares during the period. Jennison Associates LLC bought a new stake in shares of Solid Biosciences during the 4th quarter valued at approximately $21,109,000. Finally, BlackRock Inc. grew its holdings in shares of Solid Biosciences by 30.6% during the 3rd quarter. BlackRock Inc. now owns 778,249 shares of the company’s stock valued at $36,718,000 after purchasing an additional 182,315 shares during the last quarter. 63.58% of the stock is currently owned by hedge funds and other institutional investors.
About Solid Biosciences
Solid Biosciences Inc engages in identifying and developing therapies for duchenne muscular dystrophy in the United States. Its lead product candidate includes SGT-001, a gene therapy that is in Phase I/II clinical trials to restore functional dystrophin protein expression in patients' muscles. The company's product candidates also comprise SB-001, a monoclonal antibody to reduce fibrosis and inflammation.
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