Solid Biosciences Inc. (NASDAQ:SLDB) shares are trading higher Wednesday after the company announced that it has received FDA clearance of an IND application for its Duchenne muscular dystrophy gene therapy candidate.

The Details:

After the market close on Tuesday, Solid Biosciences announced that its IND application for the Duchenne muscular dystrophy gene therapy candidate, SGT-003, has received FDA clearance.

Bo Cumbo, CEO of Solid Biosciences stated, "We are pleased to have the FDA's clearance to proceed into the clinic with SGT-003, a new, innovative gene therapy candidate for Duchenne."

"SGT-003 combines our differentiated microdystrophin transgene with a next generation muscle-tropic capsid and a transient transfection manufacturing process that may help address the unmet needs for the Duchenne community."

Shares of SLDB are gaining on remarkably high volume after the company's announcement. According to data from Benzinga Pro, more than 10.25 million shares have already been traded in the session, far exceeding the stock's 100-day average volume of less than 40 thousand shares.

Solid Biosciences reported its third-quarter financial results last Wednesday. The company quarterly losses of $1.05 per share, beating the analyst consensus estimate of a loss of $1.19 per share and representing a 61.25% increase over losses of $2.71 per share year-over-year.

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SLDB Price Action: According to Benzinga Pro, Solid Biosciences shares are up more than 25% at $2.68 at the time of publication.

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