Solid Biosciences (SLDB) Cut to Neutral at Chardan Capital

Solid Biosciences (NASDAQ:SLDB) was downgraded by Chardan Capital from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, The Fly reports. They presently have a $7.50 price objective on the stock. Chardan Capital’s target price suggests a potential downside of 15.25% from the company’s current price.

The analysts wrote, “We thus downgrade SLDB from Buy to Neutral. This is not the 1st time Solid has seen unusual side effects in the development of SGT-001. Solid announced the FDA placed a clinical hold on the IGNITE DMD trial after the 1st patient experienced decreased platelet counts, reduced red blood cell counts, and evidence of complement activation. The hold was subsequently lifted, and the company announced changes to the trial protocol, including 1) the use of IV glucocorticoids in the initial weeks after treatment; 2) additional monitoring after dosing; and, 3) the option to collect a biopsy at 45 days post-treatment.””

A number of other analysts have also recently weighed in on the stock. Svb Leerink cut shares of Solid Biosciences from an “outperform” rating to a “market perform” rating in a research report on Friday, February 8th. Citigroup raised shares of Solid Biosciences from a “sell” rating to a “neutral” rating and set a $8.00 price target for the company in a research report on Friday, February 8th. Leerink Swann cut shares of Solid Biosciences from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 7th. ValuEngine raised shares of Solid Biosciences from a “hold” rating to a “buy” rating in a research report on Tuesday, March 19th. Finally, Zacks Investment Research raised shares of Solid Biosciences from a “hold” rating to a “buy” rating and set a $8.25 price target for the company in a research report on Wednesday, February 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $22.79.

Shares of NASDAQ SLDB opened at $8.85 on Tuesday. Solid Biosciences has a 52-week low of $5.97 and a 52-week high of $54.84. The firm has a market cap of $325.16 million, a PE ratio of -3.93 and a beta of 1.68. The company has a debt-to-equity ratio of 0.01, a current ratio of 10.31 and a quick ratio of 10.31.

Solid Biosciences (NASDAQ:SLDB) last announced its quarterly earnings results on Wednesday, March 13th. The company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.09). As a group, sell-side analysts expect that Solid Biosciences will post -2.53 EPS for the current fiscal year.

In other Solid Biosciences news, Director Juan Andrey Zarur sold 8,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $10.00, for a total value of $80,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Boxer Capital, Llc sold 450,000 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $9.88, for a total transaction of $4,446,000.00. The disclosure for this sale can be found here.

Hedge funds have recently modified their holdings of the business. Jennison Associates LLC acquired a new stake in shares of Solid Biosciences in the 4th quarter valued at about $21,109,000. Partner Fund Management L.P. raised its stake in shares of Solid Biosciences by 66.9% in the 4th quarter. Partner Fund Management L.P. now owns 1,335,080 shares of the company’s stock valued at $35,780,000 after purchasing an additional 535,303 shares in the last quarter. BlackRock Inc. raised its stake in shares of Solid Biosciences by 56.0% in the 4th quarter. BlackRock Inc. now owns 1,214,410 shares of the company’s stock valued at $32,546,000 after purchasing an additional 436,161 shares in the last quarter. Vanguard Group Inc raised its stake in shares of Solid Biosciences by 82.0% in the 3rd quarter. Vanguard Group Inc now owns 675,180 shares of the company’s stock valued at $31,855,000 after purchasing an additional 304,286 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Solid Biosciences by 82.0% in the 3rd quarter. Vanguard Group Inc. now owns 675,180 shares of the company’s stock valued at $31,855,000 after purchasing an additional 304,286 shares in the last quarter. Hedge funds and other institutional investors own 67.64% of the company’s stock.

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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