Shares of Solid Biosciences (SLDB) - Get Solid Biosciences Inc. Report dropped Tuesday after the developer of a Duchenne muscular-dystrophy treatment reported that a patient had an adverse event in an trial of its gene-therapy candidate.
The Cambridge, Mass., company said that six patients in its ongoing clinical study showed promising results.
A seventh patient "was safely dosed, with transient and manageable adverse events, none of which were serious," it said in a statement
"The totality of data collected, and the reinitiation of dosing, support the continued enrollment of patients into the Ignite DMD study," the company said.
"We are encouraged with the successful resumption of dosing in the Ignite DMD trial under our amended clinical protocol and using SGT-001 manufactured with a second-generation process," Barry Byrne, a physician who is principal investigator of the study, said.
Byrne is associate chair of pediatrics and director of the Powell Gene Therapy Center at the University of Florida.
"The safe dosing of the seventh patient gives us increased confidence in our dosing strategy as we move forward with clinical development in the Ignite DMD clinical trial," he said.
Shares of Solid Biosciences at last check dropped 30% to $6.69. They've traded as low as $6.40, down 33%. The company reported the results following the closing bell on Monday.
SVB Leerink analyst Joe Schwartz said he saw "glimmers of hope" for the treatment candidate. The firm upgraded the stock to outperform from market perform while boosting his price target to $15 a share, a Wall Street high, from $3.
Meanwhile, analysts at Credit Suisse maintained their neutral rating while raising their price target on the stock to $8 from $7.
Byrne will fully present the efficacy and safety data at a Muscular Dystrophy Association conference on Thursday.
Duchenne muscular dystrophy "is a genetic disorder characterized by progressive muscle degeneration and weakness," the association's website says.