EcoR1 Capital LLC Takes $2.75 Million Position in Solid Biosciences Inc. $SLDB

Key Points

• EcoR1 Capital LLC acquired a new stake in Solid Biosciences Inc., purchasing 744,450 shares valued at approximately $2.75 million during the first quarter.
• Several hedge funds significantly increased their holdings in Solid Biosciences, with Bain Capital and Siren L.L.C. raising their stakes by 96.1% and 97.8%, respectively.
• Analysts have mixed forecasts for Solid Biosciences, with price targets ranging from $10.00 to $20.00 and a consensus rating of "Buy".

EcoR1 Capital LLC bought a new stake in Solid Biosciences Inc. (NASDAQ:SLDB - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 744,450 shares of the company's stock, valued at approximately $2,754,000. EcoR1 Capital LLC owned 0.96% of Solid Biosciences at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Bank of America Corp DE increased its holdings in shares of Solid Biosciences by 87.9% in the 4th quarter. Bank of America Corp DE now owns 83,471 shares of the company's stock valued at $334,000 after purchasing an additional 39,056 shares during the period. Allianz Asset Management GmbH bought a new stake in shares of Solid Biosciences in the 1st quarter valued at approximately $100,000. Knott David M Jr bought a new stake in shares of Solid Biosciences in the 1st quarter valued at approximately $488,000. XTX Topco Ltd bought a new stake in shares of Solid Biosciences in the 1st quarter valued at approximately $151,000. Finally, Wellington Management Group LLP grew its stake in shares of Solid Biosciences by 4.0% in the 4th quarter. Wellington Management Group LLP now owns 124,551 shares of the company's stock valued at $498,000 after buying an additional 4,747 shares in the last quarter. Institutional investors and hedge funds own 81.46% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on SLDB. Piper Sandler lowered their price target on Solid Biosciences from $20.00 to $17.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Citigroup initiated coverage on Solid Biosciences in a research note on Thursday, June 26th. They issued a "buy" rating and a $14.00 price target for the company. JPMorgan Chase & Co. decreased their target price on Solid Biosciences from $15.00 to $13.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. Chardan Capital reaffirmed a "buy" rating and set a $15.00 target price on shares of Solid Biosciences in a research report on Thursday, August 14th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $20.00 target price on shares of Solid Biosciences in a research report on Tuesday, June 17th. One analyst has rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company's stock. Based on data from MarketBeat, Solid Biosciences presently has an average rating of "Buy" and a consensus price target of $15.00.

Solid Biosciences Trading Down 2.0%

Solid Biosciences stock traded down $0.11 during mid-day trading on Tuesday, hitting $5.03. The stock had a trading volume of 793,770 shares, compared to its average volume of 1,830,702. Solid Biosciences Inc. has a 12 month low of $2.41 and a 12 month high of $8.23. The stock has a 50-day simple moving average of $5.92 and a two-hundred day simple moving average of $4.63. The stock has a market capitalization of $391.30 million, a PE ratio of -1.79 and a beta of 2.54.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.09. Sell-side analysts expect that Solid Biosciences Inc. will post -2.84 earnings per share for the current fiscal year.

Solid Biosciences Company Profile

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.