Zacks Investment Research Downgrades Solid Biosciences (NASDAQ:SLDB) to Hold

Zacks Investment Research downgraded 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. “

Other analysts have also issued reports about the company. Evercore ISI initiated coverage on Solid Biosciences in a report on Friday, October 11th. They set an outperform rating and a $22.00 price objective for the company. Chardan Capital upgraded Solid Biosciences from a neutral rating to a buy rating and increased their price objective for the stock from $7.50 to $10.00 in a report on Friday, August 16th. ValuEngine upgraded Solid Biosciences from a hold rating to a buy rating in a report on Thursday, August 1st. Citigroup lowered Solid Biosciences from a neutral rating to a sell rating and set a $6.00 price objective for the company. in a report on Thursday, August 29th. Finally, Leerink Swann upgraded Solid Biosciences from a market perform rating to an outperform rating in a report on Monday, August 19th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $10.86.

Shares of Solid Biosciences stock opened at $11.80 on Wednesday. The company has a quick ratio of 5.73, a current ratio of 5.73 and a debt-to-equity ratio of 0.08. Solid Biosciences has a 12 month low of $4.32 and a 12 month high of $37.50. The business has a fifty day simple moving average of $10.16 and a 200-day simple moving average of $7.67.

Solid Biosciences (NASDAQ:SLDB) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.76) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.81) by $0.05. As a group, equities research analysts expect that Solid Biosciences will post -2.85 EPS for the current year.

In related news, Director Life Sciences Maste Perceptive bought 2,822,581 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were bought at an average cost of $4.65 per share, for a total transaction of $13,125,001.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 31.20% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of SLDB. EcoR1 Capital LLC bought a new position in Solid Biosciences during the second quarter valued at about $4,755,000. BlackRock Inc. raised its holdings in Solid Biosciences by 10.9% during the second quarter. BlackRock Inc. now owns 1,328,852 shares of the company’s stock valued at $7,640,000 after buying an additional 130,516 shares in the last quarter. Vanguard Group Inc. raised its holdings in Solid Biosciences by 11.7% during the second quarter. Vanguard Group Inc. now owns 830,325 shares of the company’s stock valued at $4,774,000 after buying an additional 87,016 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Solid Biosciences by 55.9% in the second quarter. Renaissance Technologies LLC now owns 150,300 shares of the company’s stock valued at $864,000 after purchasing an additional 53,900 shares during the last quarter. Finally, Marshall Wace LLP grew its position in shares of Solid Biosciences by 226.2% in the first quarter. Marshall Wace LLP now owns 69,813 shares of the company’s stock valued at $642,000 after purchasing an additional 48,409 shares during the last quarter. Institutional investors own 46.24% of the company’s stock.

About Solid Biosciences

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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