Solid Biosciences Inc. $SLDB Shares Acquired by Monashee Investment Management LLC

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 grew its holdings in Solid Biosciences Inc. (NASDAQ:SLDB - Free Report) by 248.6% during 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 acquiring an additional 1,193,412 shares during the period. Solid Biosciences comprises approximately 0.7% of Monashee Investment Management LLC's holdings, making the stock its 20th biggest holding. Monashee Investment Management LLC owned about 2.16% of Solid Biosciences worth $6,192,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. American Century Companies Inc. increased its stake in Solid Biosciences by 10.6% during the 1st quarter. American Century Companies Inc. now owns 51,835 shares of the company's stock worth $192,000 after buying an additional 4,978 shares during the period. Fox Run Management L.L.C. acquired a new position in Solid Biosciences during the 1st quarter worth $141,000. Ground Swell Capital LLC acquired a new position in shares of Solid Biosciences in the 1st quarter valued at about $42,000. Knott David M Jr acquired a new position in shares of Solid Biosciences in the 1st quarter valued at about $488,000. Finally, Nuveen LLC acquired a new position in shares of Solid Biosciences in the 1st quarter valued at about $161,000. Hedge funds and other institutional investors own 81.46% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Wedbush reduced their target price on shares of Solid Biosciences from $17.00 to $14.00 and set an "outperform" rating for the company in a research note on Wednesday, August 13th. Piper Sandler reduced their target price on shares of 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 assumed coverage on shares of Solid Biosciences in a research note on Thursday, June 26th. They set a "buy" rating and a $14.00 target price for the company. Chardan Capital reissued a "buy" rating and set a $15.00 target price on shares of Solid Biosciences in a research note on Thursday, August 14th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Solid Biosciences from $15.00 to $13.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $15.00.

Solid Biosciences Stock Performance

Shares of NASDAQ:SLDB traded up $0.02 during trading on Tuesday, reaching $5.62. The company had a trading volume of 132,817 shares, compared to its average volume of 1,890,403. The firm's fifty day moving average is $5.75 and its 200 day moving average is $4.56. The firm has a market capitalization of $437.24 million, a PE ratio of -2.01 and a beta of 2.44. Solid Biosciences Inc. has a twelve month low of $2.41 and a twelve month high of $9.45.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.42) earnings per share for the quarter, topping analysts' consensus estimates of ($0.51) by $0.09. Equities analysts predict 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.