Janus Henderson Group PLC Purchases New Shares in Solid Biosciences Inc. $SLDB

Janus Henderson Group PLC purchased a new position in shares of Solid Biosciences Inc. (NASDAQ:SLDB) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,010,695 shares of the company’s stock, valued at approximately $28,877,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Redmile Group LLC increased its stake in Solid Biosciences by 8.1% in the first quarter. Redmile Group LLC now owns 2,011,895 shares of the company’s stock valued at $14,486,000 after purchasing an additional 151,353 shares during the period. UBS Group AG boosted its stake in shares of Solid Biosciences by 25.9% during the fourth quarter. UBS Group AG now owns 911,409 shares of the company’s stock worth $5,140,000 after buying an additional 187,264 shares during the period. Monashee Investment Management LLC acquired a new stake in shares of Solid Biosciences during the fourth quarter worth about $7,613,000. Fisher Asset Management LLC acquired a new stake in shares of Solid Biosciences during the fourth quarter worth about $584,000. Finally, Armistice Capital LLC grew its holdings in shares of Solid Biosciences by 179.1% during the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock worth $14,732,000 after buying an additional 1,676,000 shares during the last quarter. 81.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SLDB shares. Wedbush dropped their price target on Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research note on Friday, July 17th. Truist Financial raised Solid Biosciences to a “strong-buy” rating in a report on Monday, April 27th. Wall Street Zen upgraded Solid Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Finally, HC Wainwright increased their price target on Solid Biosciences from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $17.11.

Solid Biosciences Price Performance

Shares of NASDAQ:SLDB opened at $8.06 on Monday. Solid Biosciences Inc. has a fifty-two week low of $3.79 and a fifty-two week high of $11.45. The firm’s 50-day simple moving average is $8.41 and its 200-day simple moving average is $7.46. The company has a market cap of $793.51 million, a price-to-earnings ratio of -4.13 and a beta of 2.41.

Solid Biosciences (NASDAQ:SLDB) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.12). On average, research analysts forecast that Solid Biosciences Inc. will post -1.9 EPS for the current year.

About Solid Biosciences

Solid Biosciences Inc is a clinical‐stage biotechnology company focused on the development of therapies for Duchenne muscular dystrophy (DMD), a rare genetic disorder characterized by progressive muscle degeneration. The company’s primary approach centers on gene replacement and gene editing technologies designed to restore functional dystrophin protein in patients lacking this critical muscle‐stabilizing protein.

Solid’s lead investigational therapy, SGT‐001, is a micro‐dystrophin gene therapy candidate engineered to deliver a shortened but functional form of the dystrophin gene using an adeno‐associated virus (AAV) vector.