Solid Biosciences Inc. $SLDB Holdings Boosted by Redmile Group LLC

Redmile Group LLC grew its holdings in Solid Biosciences Inc. (NASDAQ:SLDB) by 8.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,011,895 shares of the company’s stock after purchasing an additional 151,353 shares during the period. Solid Biosciences makes up 1.0% of Redmile Group LLC’s portfolio, making the stock its 18th biggest position. Redmile Group LLC owned about 2.04% of Solid Biosciences worth $14,486,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Legal & General Group Plc raised its position in Solid Biosciences by 208.6% during the second quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock valued at $29,000 after buying an additional 4,063 shares during the period. Russell Investments Group Ltd. boosted its position in Solid Biosciences by 142.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock worth $63,000 after acquiring an additional 5,991 shares during the period. Creative Planning purchased a new position in Solid Biosciences during the 2nd quarter valued at about $57,000. Polymer Capital Management US LLC acquired a new position in shares of Solid Biosciences in the 3rd quarter valued at about $94,000. Finally, Jain Global LLC acquired a new position in shares of Solid Biosciences in the 4th quarter valued at about $114,000. Institutional investors and hedge funds own 81.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price objective (up from $17.00) on shares of Solid Biosciences in a research report on Wednesday, May 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Biosciences in a report on Friday, July 17th. Wedbush dropped 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 note on Wednesday, May 13th. Wall Street Zen upgraded Solid Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. Finally, Truist Financial upgraded Solid Biosciences to a “strong-buy” rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $17.11.

Solid Biosciences Stock Performance

NASDAQ:SLDB opened at $7.97 on Wednesday. The company has a market capitalization of $784.65 million, a P/E ratio of -4.09 and a beta of 2.36. The stock’s 50 day moving average price is $8.31 and its 200 day moving average price is $7.39. Solid Biosciences Inc. has a 52 week low of $3.79 and a 52 week high of $11.45.

Solid Biosciences (NASDAQ:SLDB) last posted its earnings results on Tuesday, May 12th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.12). As a group, sell-side analysts forecast that Solid Biosciences Inc. will post -1.9 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.