Solid Biosciences (NASDAQ:SLDB) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Solid Biosciences (NASDAQ:SLDB) from a buy rating to a hold rating in a research report released on Tuesday, 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. “

Separately, Chardan Capital dropped their price target on shares of Solid Biosciences from $20.00 to $17.00 and set a buy rating for the company in a research report on Friday, September 24th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Buy and an average price target of $9.00.

NASDAQ:SLDB opened at $1.40 on Tuesday. Solid Biosciences has a 12-month low of $1.35 and a 12-month high of $11.58. The firm has a market capitalization of $154.41 million, a PE ratio of -1.69 and a beta of 0.89. The firm has a 50-day moving average price of $1.85 and a 200 day moving average price of $2.33.

Solid Biosciences (NASDAQ:SLDB) last posted its quarterly earnings results on Tuesday, November 2nd. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.04. The business had revenue of $3.54 million during the quarter, compared to analyst estimates of $3.30 million. Equities research analysts expect that Solid Biosciences will post -0.72 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLDB. BNP Paribas Arbitrage SA boosted its stake in Solid Biosciences by 129.6% in the third quarter. BNP Paribas Arbitrage SA now owns 14,912 shares of the company’s stock valued at $36,000 after acquiring an additional 8,416 shares during the last quarter. IPG Investment Advisors LLC bought a new position in Solid Biosciences in the third quarter valued at approximately $43,000. XTX Topco Ltd bought a new position in Solid Biosciences in the second quarter valued at approximately $47,000. Victory Capital Management Inc. bought a new position in Solid Biosciences in the second quarter valued at approximately $47,000. Finally, ProShare Advisors LLC acquired a new stake in Solid Biosciences in the second quarter worth $57,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Solid Biosciences Company Profile

Solid Biosciences, Inc engages in the development of treatments for patients with Duchenne muscular dystrophy (DMD). It develops gene therapies, disease modifying therapies, and assistive devices for the cure of DMD. The company was founded by Ilan Ganot, Andrey J. Zarur, Matthew Bennett Arnold, Annie Ganot, and Gilad David Hayeem in March 2013 and is headquartered in Cambridge, MA.

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