Monashee Investment Management LLC Grows Position in Solid Biosciences Inc. $SLDB

Key Points

• Monashee Investment Management LLC increased its position in Solid Biosciences Inc. by 248.6%, owning approximately 1.67 million shares after acquiring an additional 1.19 million shares in Q1.
• Several hedge funds, including Bank of America Corp DE and Renaissance Technologies LLC, also raised their stakes in Solid Biosciences, collectively owning 81.46% of the stock.
• Analysts have mixed opinions on Solid Biosciences, with target prices ranging from $10.00 to $17.00 and a consensus rating of "Buy".

Monashee Investment Management LLC lifted its holdings in shares of Solid Biosciences Inc. (NASDAQ:SLDB - Free Report) by 248.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,673,412 shares of the company's stock after purchasing an additional 1,193,412 shares during the quarter. Solid Biosciences comprises approximately 0.7% of Monashee Investment Management LLC's investment portfolio, making the stock its 20th biggest position. Monashee Investment Management LLC owned 2.16% of Solid Biosciences worth $6,192,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Renaissance Technologies LLC lifted its stake in Solid Biosciences by 12.7% during the 4th quarter. Renaissance Technologies LLC now owns 82,493 shares of the company's stock worth $330,000 after acquiring an additional 9,281 shares in the last quarter. Bank of America Corp DE lifted its stake in Solid Biosciences by 87.9% during the 4th quarter. Bank of America Corp DE now owns 83,471 shares of the company's stock worth $334,000 after acquiring an additional 39,056 shares in the last quarter. Allianz Asset Management GmbH acquired a new position in Solid Biosciences during the 1st quarter worth about $100,000. Knott David M Jr acquired a new position in Solid Biosciences during the 1st quarter worth about $488,000. Finally, XTX Topco Ltd acquired a new position in Solid Biosciences during the 1st quarter worth about $151,000. 81.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SLDB. Wedbush decreased their target price on Solid Biosciences from $17.00 to $14.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 13th. Cantor Fitzgerald set a $16.00 price target on Solid Biosciences and gave the company an "overweight" rating in a research report on Monday, July 21st. Chardan Capital reaffirmed a "buy" rating and issued a $15.00 price target on shares of Solid Biosciences in a research report on Thursday, August 14th. JPMorgan Chase & Co. reduced their price target on Solid Biosciences from $15.00 to $13.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. Finally, Barclays reduced their price target 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. Two research analysts have rated the stock with a Strong Buy rating and ten have issued a Buy rating to the stock. According to data from MarketBeat.com, Solid Biosciences has a consensus rating of "Buy" and an average target price of $15.00.

Solid Biosciences Stock Performance

Shares of NASDAQ SLDB opened at $5.66 on Thursday. Solid Biosciences Inc. has a fifty-two week low of $2.41 and a fifty-two week high of $10.37. The firm has a market capitalization of $440.74 million, a PE ratio of -2.02 and a beta of 2.44. The stock's 50-day simple moving average is $5.69 and its 200-day simple moving average is $4.48.

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

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