Solid Biosciences Inc. (NASDAQ:SLDB) Shares Sold by Millennium Management LLC

Millennium Management LLC reduced its position in Solid Biosciences Inc. (NASDAQ:SLDB - Free Report) by 35.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 719,776 shares of the company's stock after selling 397,321 shares during the period. Millennium Management LLC owned 1.80% of Solid Biosciences worth $2,879,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. bought a new stake in Solid Biosciences during the fourth quarter worth approximately $34,000. Corton Capital Inc. bought a new position in shares of Solid Biosciences during the fourth quarter valued at approximately $41,000. Invesco Ltd. bought a new position in shares of Solid Biosciences during the fourth quarter valued at approximately $49,000. Sei Investments Co. bought a new position in shares of Solid Biosciences during the fourth quarter valued at approximately $52,000. Finally, Wells Fargo & Company MN grew its stake in shares of Solid Biosciences by 29.4% during the fourth quarter. Wells Fargo & Company MN now owns 13,138 shares of the company's stock valued at $53,000 after buying an additional 2,986 shares during the last quarter. 81.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SLDB shares. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $16.00 target price on shares of Solid Biosciences in a research note on Thursday, May 22nd. Piper Sandler dropped their price objective on Solid Biosciences from $20.00 to $17.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. HC Wainwright increased their price objective on Solid Biosciences from $16.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. JPMorgan Chase & Co. dropped their price objective on Solid Biosciences from $12.00 to $11.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, Chardan Capital dropped their price objective on Solid Biosciences from $16.00 to $15.00 and set a "buy" rating on the stock in a research note on Monday, May 19th. Ten equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $14.90.

Solid Biosciences Trading Down 2.5%

Shares of SLDB traded down $0.09 during midday trading on Tuesday, hitting $3.45. 726,769 shares of the company's stock traded hands, compared to its average volume of 1,091,999. The firm's fifty day moving average is $3.11 and its 200-day moving average is $3.99. Solid Biosciences Inc. has a 1 year low of $2.41 and a 1 year high of $10.37. The stock has a market capitalization of $267.43 million, a price-to-earnings ratio of -1.13 and a beta of 2.32.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last released its earnings results on Thursday, May 15th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.06). On average, equities research analysts anticipate that Solid Biosciences Inc. will post -2.84 EPS for the current year.

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.