Here's Why Solid Biosciences Fell as Much as 16.3% Today
Shares of Solid Biosciences (NASDAQ: SLDB) fell more than 16% today after the company announced organizational changes to prioritize the development of its lead drug candidate, SGT-001, an experimental gene therapy for Duchenne muscular dystrophy (DMD). To do so, the business will reduce its workforce by approximately one-third and suspend all other research activities.
Those efforts should help Solid Biosciences to reduce operating expenses and preserve cash. The business ended September with roughly $105 million in cash and had lost $87 million from operations in the first nine months of 2019.
Despite the planned changes, investors are concerned about the move for multiple well-founded reasons. As of 1:00 p.m. EST, the pharma stock had settled to a 14% loss.
Source Fool.com
