Renaissance Technologies LLC Has $895,000 Position in Solid Biosciences Inc. $SLDB

Renaissance Technologies LLC increased its holdings in Solid Biosciences Inc. (NASDAQ:SLDB) by 135.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 124,272 shares of the company’s stock after purchasing an additional 71,472 shares during the period. Renaissance Technologies LLC owned approximately 0.13% of Solid Biosciences worth $895,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SLDB. MetLife Investment Management LLC grew its stake in shares of Solid Biosciences by 10.4% in the 4th quarter. MetLife Investment Management LLC now owns 33,202 shares of the company’s stock valued at $187,000 after purchasing an additional 3,124 shares during the period. Legal & General Group Plc lifted its position in shares of Solid Biosciences by 208.6% during the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock worth $29,000 after buying an additional 4,063 shares during the period. Intech Investment Management LLC boosted its stake in Solid Biosciences by 15.2% in the 4th quarter. Intech Investment Management LLC now owns 34,485 shares of the company’s stock valued at $194,000 after buying an additional 4,539 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Solid Biosciences by 142.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock valued at $63,000 after buying an additional 5,991 shares in the last quarter. Finally, Fox Run Management L.L.C. grew its position in Solid Biosciences by 35.1% in the fourth quarter. Fox Run Management L.L.C. now owns 25,005 shares of the company’s stock valued at $141,000 after acquiring an additional 6,491 shares during the period. Institutional investors own 81.46% of the company’s stock.

Analyst Ratings Changes

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

Solid Biosciences Stock Performance

Shares of SLDB stock opened at $9.20 on Friday. The stock’s fifty day moving average is $8.76 and its 200-day moving average is $7.64. The stock has a market capitalization of $986.42 million, a PE ratio of -4.82 and a beta of 2.41. Solid Biosciences Inc. has a 52 week low of $3.79 and a 52 week high of $11.45.

Solid Biosciences (NASDAQ:SLDB) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.08. As a group, analysts forecast that Solid Biosciences Inc. will post -1.72 earnings per share for the current fiscal year.

Solid Biosciences Profile

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.