Solid Biosciences (NASDAQ:SLDB) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Solid Biosciences (NASDAQ:SLDB) from a buy rating to a sell 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. “

A number of other equities analysts have also recently commented on the company. Nomura raised their target price on Solid Biosciences from $6.00 to $10.00 and gave the stock a buy rating in a report on Wednesday, December 18th. Evercore ISI assumed coverage on Solid Biosciences in a research report on Friday, October 11th. They issued an outperform rating and a $22.00 price target for the company. Finally, Credit Suisse Group decreased their price objective on Solid Biosciences from $6.00 to $2.00 and set a hold rating on the stock in a research note on Tuesday, November 12th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $9.25.

SLDB traded down $0.06 during trading on Wednesday, hitting $3.86. The company’s stock had a trading volume of 296,208 shares, compared to its average volume of 857,799. The company has a quick ratio of 6.78, a current ratio of 6.78 and a debt-to-equity ratio of 0.05. Solid Biosciences has a one year low of $2.75 and a one year high of $26.98. The business’s 50 day simple moving average is $4.20 and its 200-day simple moving average is $7.11.

Solid Biosciences (NASDAQ:SLDB) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.04). As a group, equities analysts forecast that Solid Biosciences will post -2.77 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in SLDB. Millennium Management LLC boosted its holdings in Solid Biosciences by 842.3% in the 3rd quarter. Millennium Management LLC now owns 793,006 shares of the company’s stock worth $8,199,000 after buying an additional 708,853 shares during the period. California State Teachers Retirement System lifted its position in shares of Solid Biosciences by 31.5% in the third quarter. California State Teachers Retirement System now owns 30,624 shares of the company’s stock valued at $317,000 after acquiring an additional 7,329 shares in the last quarter. State Street Corp lifted its position in shares of Solid Biosciences by 16.3% in the third quarter. State Street Corp now owns 298,108 shares of the company’s stock valued at $3,082,000 after acquiring an additional 41,818 shares in the last quarter. Matisse Capital boosted its stake in shares of Solid Biosciences by 4.4% in the third quarter. Matisse Capital now owns 68,900 shares of the company’s stock worth $712,000 after acquiring an additional 2,900 shares during the period. Finally, Rhumbline Advisers boosted its stake in shares of Solid Biosciences by 20.7% in the third quarter. Rhumbline Advisers now owns 23,842 shares of the company’s stock worth $247,000 after acquiring an additional 4,094 shares during the period. 69.85% of the stock is owned by hedge funds and other institutional investors.

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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