243,154 Shares in Solid Biosciences Inc. $SLDB Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 243,154 shares of Solid Biosciences worth approximately $2.43 million, while institutional investors collectively own 81.46% of the company.
• Analyst sentiment is broadly positive: 11 analysts rate SLDB a Buy and one rates it a Sell, producing a consensus rating of “Moderate Buy” and an average price target of $18.18.
• Solid Biosciences shares opened at $10.25, compared with a 52-week range of $3.79 to $11.45. The clinical-stage biotechnology company is developing gene therapies for Duchenne muscular dystrophy.

Bank of New York Mellon Corp bought a new stake in Solid Biosciences Inc. (NASDAQ:SLDB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 243,154 shares of the company's stock, valued at approximately $2,429,000. Bank of New York Mellon Corp owned about 0.25% of Solid Biosciences as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Perceptive Advisors LLC boosted its holdings in shares of Solid Biosciences by 0.6% in the 1st quarter. Perceptive Advisors LLC now owns 11,906,646 shares of the company's stock valued at $85,728,000 after acquiring an additional 73,107 shares during the last quarter. Bank of America Corp DE lifted its position in Solid Biosciences by 12.3% during the first quarter. Bank of America Corp DE now owns 386,793 shares of the company's stock valued at $2,785,000 after purchasing an additional 42,499 shares during the period. Stempoint Capital LP acquired a new position in Solid Biosciences during the first quarter valued at $1,407,000. Janus Henderson Group PLC purchased a new stake in Solid Biosciences in the first quarter valued at $28,877,000. Finally, Ally Bridge Group NY LLC grew its position in Solid Biosciences by 85.4% during the 1st quarter. Ally Bridge Group NY LLC now owns 766,974 shares of the company's stock worth $5,522,000 after purchasing an additional 353,349 shares during the period. Institutional investors and hedge funds own 81.46% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SLDB. Wall Street Zen upgraded Solid Biosciences from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 4th. Cantor Fitzgerald upped their target price on Solid Biosciences from $16.00 to $26.00 and gave the stock an "overweight" rating in a research note on Thursday, August 27th. Wedbush dropped their target price on Solid Biosciences from $17.00 to $16.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Solid Biosciences in a research report on Friday, July 17th. Finally, Truist Financial boosted their price target on Solid Biosciences from $16.00 to $20.00 and gave the company a "buy" rating in a report on Friday, August 21st. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Solid Biosciences currently has an average rating of "Moderate Buy" and a consensus target price of $18.18.

Solid Biosciences Price Performance

Shares of SLDB stock opened at $10.25 on Tuesday. The company has a market cap of $1.10 billion, a price-to-earnings ratio of -5.37 and a beta of 2.44. The stock has a 50 day simple moving average of $9.35 and a 200-day simple moving average of $8.03. Solid Biosciences Inc. has a 1-year low of $3.79 and a 1-year high of $11.45.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last announced its 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. Analysts anticipate that Solid Biosciences Inc. will post -1.67 earnings per share for the current fiscal year.

Solid Biosciences Company 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.

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