Zacks Investment Research cut shares of Solid Biosciences (NASDAQ:SLDB) from a buy rating to a hold rating in a research note published on Wednesday morning.
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, Credit Suisse Group assumed coverage on Solid Biosciences in a report on Thursday, September 6th. They set a neutral rating and a $38.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. Solid Biosciences currently has an average rating of Hold and a consensus target price of $44.00.
Solid Biosciences (NASDAQ:SLDB) last released its quarterly earnings results on Friday, August 10th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.51) by ($0.01). Analysts predict that Solid Biosciences will post -2.21 earnings per share for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. grew its holdings in shares of Solid Biosciences by 7.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 38,011 shares of the company’s stock worth $1,355,000 after buying an additional 2,658 shares during the last quarter. Partner Investment Management L.P. purchased a new position in shares of Solid Biosciences during the second quarter worth about $134,000. Rhumbline Advisers purchased a new position in shares of Solid Biosciences during the second quarter worth about $306,000. Bank of New York Mellon Corp grew its holdings in shares of Solid Biosciences by 58.2% during the second quarter. Bank of New York Mellon Corp now owns 31,889 shares of the company’s stock worth $1,137,000 after buying an additional 11,726 shares during the last quarter. Finally, California State Teachers Retirement System purchased a new position in shares of Solid Biosciences during the first quarter worth about $104,000. 60.13% of the stock is currently owned by hedge funds and other institutional investors.
Solid Biosciences Company Profile
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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