Adage Capital Partners GP L.L.C. Raises Position in Solid Biosciences Inc. $SLDB

Key Points

• Adage Capital Partners GP L.L.C. significantly increased its stake in Solid Biosciences by 285% during the first quarter, now owning approximately 8.68% of the company, valued at around $24.9 million.
• Solid Biosciences stock is currently trading at $5.56, with a 52-week range of $2.41 to $8.74, and a market capitalization of $432.96 million.
• Despite recent challenges, Solid Biosciences reported beating earnings estimates for the last quarter, posting a loss of ($0.42) per share, which was better than the expected ($0.51).

Adage Capital Partners GP L.L.C. grew its position in Solid Biosciences Inc. (NASDAQ:SLDB - Free Report) by 285.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,729,484 shares of the company's stock after purchasing an additional 4,981,400 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 8.68% of Solid Biosciences worth $24,899,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Redmile Group LLC grew its holdings in Solid Biosciences by 228.2% in the first quarter. Redmile Group LLC now owns 2,019,171 shares of the company's stock worth $7,471,000 after purchasing an additional 1,403,925 shares during the last quarter. Birchview Capital LP purchased a new position in Solid Biosciences in the first quarter worth $476,000. MPM Bioimpact LLC purchased a new position in Solid Biosciences in the first quarter worth $6,077,000. Nantahala Capital Management LLC purchased a new position in Solid Biosciences in the first quarter worth $1,041,000. Finally, Apis Capital Advisors LLC purchased a new position in Solid Biosciences in the first quarter worth $407,000. 81.46% of the stock is owned by hedge funds and other institutional investors.

Solid Biosciences Stock Performance

NASDAQ SLDB traded up $0.17 on Wednesday, reaching $5.17. 224,799 shares of the company's stock traded hands, compared to its average volume of 1,823,958. The firm has a market cap of $402.59 million, a price-to-earnings ratio of -1.84 and a beta of 2.54. The stock has a 50 day moving average price of $5.92 and a 200-day moving average price of $4.63. Solid Biosciences Inc. has a fifty-two week low of $2.41 and a fifty-two week high of $8.14.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.51) by $0.09. As a group, equities research analysts anticipate that Solid Biosciences Inc. will post -2.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $20.00 price target on shares of Solid Biosciences in a report on Tuesday, June 17th. Chardan Capital reissued a "buy" rating and set a $15.00 price objective on shares of Solid Biosciences in a report on Thursday, August 14th. Cantor Fitzgerald set a $16.00 price objective on shares of Solid Biosciences and gave the company an "overweight" rating in a report on Monday, July 21st. Citigroup started coverage on shares of Solid Biosciences in a report on Thursday, June 26th. They set a "buy" rating and a $14.00 price objective on the stock. Finally, Wall Street Zen raised shares of Solid Biosciences from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. One investment analyst has rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, Solid Biosciences currently has a consensus rating of "Buy" and an average price target of $15.00.

About Solid Biosciences

Solid Biosciences Inc, a life science company, develops therapies for neuromuscular and cardiac diseases in the United States. The company's lead product candidate is SGT-003, a gene transfer candidate for the treatment of Duchenne muscular dystrophy; and SGT-501 to treat Catecholaminergic polymorphic ventricular tachycardia.