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

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bain Capital Life Sciences Investors LLC increased its position in Solid Biosciences by 96.1% in the 1st quarter. Bain Capital Life Sciences Investors LLC now owns 7,911,669 shares of the company's stock valued at $29,273,000 after acquiring an additional 3,877,087 shares during the period. Siren L.L.C. increased its holdings in shares of Solid Biosciences by 97.8% in the first quarter. Siren L.L.C. now owns 7,415,905 shares of the company's stock valued at $27,439,000 after purchasing an additional 3,666,864 shares during the period. Adage Capital Partners GP L.L.C. increased its holdings in shares of Solid Biosciences by 285.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 6,729,484 shares of the company's stock valued at $24,899,000 after purchasing an additional 4,981,400 shares during the period. Vestal Point Capital LP increased its holdings in shares of Solid Biosciences by 1.8% in the fourth quarter. Vestal Point Capital LP now owns 2,850,000 shares of the company's stock valued at $11,400,000 after purchasing an additional 50,000 shares during the period. Finally, Redmile Group LLC increased its holdings in shares of Solid Biosciences by 228.2% in the first quarter. Redmile Group LLC now owns 2,019,171 shares of the company's stock valued at $7,471,000 after purchasing an additional 1,403,925 shares during the period. Hedge funds and other institutional investors own 81.46% of the company's stock.

Solid Biosciences Stock Performance

Shares of Solid Biosciences stock traded down $0.06 during trading on Friday, reaching $5.50. The company had a trading volume of 1,143,050 shares, compared to its average volume of 813,463. The company has a market cap of $428.29 million, a price-to-earnings ratio of -1.96 and a beta of 2.54. The firm's fifty day moving average is $5.91 and its 200-day moving average is $4.64. Solid Biosciences Inc. has a fifty-two week low of $2.41 and a fifty-two week high of $8.65.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last issued 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. On average, research analysts anticipate that Solid Biosciences Inc. will post -2.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SLDB. JPMorgan Chase & Co. decreased their price objective on Solid Biosciences from $15.00 to $13.00 and set an "overweight" rating on the stock in a report on Thursday, August 14th. Barclays cut their price objective on Solid Biosciences from $15.00 to $10.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. HC Wainwright reissued a "buy" rating and issued a $20.00 price objective on shares of Solid Biosciences in a research report on Tuesday, June 17th. Wedbush cut their price objective on Solid Biosciences from $17.00 to $14.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 13th. Finally, Citigroup began coverage on Solid Biosciences in a research report on Thursday, June 26th. They issued a "buy" rating and a $14.00 price objective on the stock. One investment 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, the company currently has a consensus rating of "Buy" and a consensus price target of $15.00.

Solid Biosciences 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.