Zacks Investment Research Lowers Solid Biosciences (NASDAQ:SLDB) to Sell

Solid Biosciences (NASDAQ:SLDB) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a report released 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. “

SLDB has been the subject of several other research reports. Evercore ISI assumed coverage on Solid Biosciences in a research note on Friday, October 11th. They set an “outperform” rating and a $22.00 target price for the company. Credit Suisse Group lowered their target price on Solid Biosciences from $6.00 to $2.00 and set a “hold” rating for the company in a research note on Tuesday, November 12th. Finally, Nomura boosted their target price on Solid Biosciences from $6.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $9.25.

SLDB stock traded down $0.09 during midday trading on Wednesday, reaching $3.83. The company had a trading volume of 2,713 shares, compared to its average volume of 753,249. The company has a market capitalization of $180.27 million, a price-to-earnings ratio of -1.75 and a beta of 1.39. The stock has a 50 day moving average price of $4.21 and a 200-day moving average price of $7.12. Solid Biosciences has a 1-year low of $2.75 and a 1-year high of $26.98. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.78 and a quick ratio of 6.78.

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

A number of hedge funds and other institutional investors have recently modified their holdings of SLDB. EcoR1 Capital LLC acquired a new position in Solid Biosciences during the second quarter worth about $4,755,000. Millennium Management LLC increased its stake in shares of Solid Biosciences by 842.3% in the third quarter. Millennium Management LLC now owns 793,006 shares of the company’s stock valued at $8,199,000 after buying an additional 708,853 shares during the period. BlackRock Inc. increased its stake in shares of Solid Biosciences by 10.9% in 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 during the period. Vanguard Group Inc. increased its stake in shares of Solid Biosciences by 11.7% in 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 during the period. Finally, Renaissance Technologies LLC increased its stake 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 buying an additional 53,900 shares during the period. 69.85% of the stock is owned by hedge funds and other institutional investors.

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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