Solid Biosciences Inc. SLDB shares traded higher on Thursday. The company announced that it received Fast Track Designation from the U.S. Food and Drug Administration (FDA) for its next-generation Duchenne muscular dystrophy gene therapy candidate known as SGT-003.
What To Know: The announcement on Thursday marks the latest development in the progress of Solid Biosciences' gene therapy candidate. Previously, in mid-November, the company announced that it received IND clearance for SGT-003, pushing the stock higher. However, shares soon pulled back, with the stock largely consolidating over the course of November.
However, shares surged over 75% following Thursday's announcement, breaking clear through any previous resistance. The stock also traded on unusually high volume as well. According to Benzinga Pro, the stock experienced above average trading volume of, compared to its average volume of 266,734.
"Receipt of FDA Fast Track Designation underscores the importance of rapidly developing SGT-003 to potentially aid the unmet needs of the Duchenne community," said Bo Cumbo, President and CEO at Solid Biosciences. "Having received IND clearance for SGT-003 last month, we are pleased to be expediting the development of a potentially life-changing therapy and look forward to continuing to work closely with the FDA."
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SLDB Price Action: Shares of SLDB closed up 68.4% at $5.76 at the time of publication, according to Benzinga Pro.
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