Nantahala Capital Management LLC Makes New Investment in Solid Biosciences Inc. $SLDB

Key Points

• Nantahala Capital Management LLC has acquired a new position in Solid Biosciences Inc. by purchasing 281,368 shares valued at approximately $1,041,000, representing about 0.36% of the company.
• Several institutional investors have increased their stakes in Solid Biosciences, with Siren L.L.C. raising its holdings by 97.8%, now owning over 7.4 million shares valued at around $27.4 million.
• Solid Biosciences reported earnings of ($0.42) per share, exceeding estimates, while research analysts have mixed ratings, with a consensus price target of $15.00 for the stock.

Nantahala Capital Management LLC acquired a new stake in Solid Biosciences Inc. (NASDAQ:SLDB - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 281,368 shares of the company's stock, valued at approximately $1,041,000. Nantahala Capital Management LLC owned about 0.36% of Solid Biosciences as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Renaissance Technologies LLC raised its position in shares of Solid Biosciences by 12.7% in the 4th quarter. Renaissance Technologies LLC now owns 82,493 shares of the company's stock valued at $330,000 after purchasing an additional 9,281 shares during the last quarter. Bank of America Corp DE raised its position 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 buying an additional 39,056 shares during the last quarter. Allianz Asset Management GmbH purchased a new position in Solid Biosciences during the 1st quarter worth approximately $100,000. Knott David M Jr purchased a new position in Solid Biosciences during the 1st quarter worth approximately $488,000. Finally, XTX Topco Ltd purchased a new position in Solid Biosciences during the 1st quarter worth approximately $151,000. 81.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SLDB has been the subject of a number of recent research reports. Piper Sandler reduced their price target on shares of Solid Biosciences from $20.00 to $17.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Wall Street Zen raised shares of Solid Biosciences from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Wedbush reduced their price target on shares of Solid Biosciences from $17.00 to $14.00 and set an "outperform" rating for the company in a research report on Wednesday, August 13th. Barclays reduced their price target on shares of Solid Biosciences from $15.00 to $10.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $20.00 target price on shares of Solid Biosciences in a report on Tuesday, June 17th. One analyst has rated the stock with a Strong Buy rating and ten have given a Buy rating to the company's stock. Based on data from MarketBeat.com, Solid Biosciences currently has a consensus rating of "Buy" and an average target price of $15.00.

Solid Biosciences Stock Performance

Shares of SLDB stock traded down $0.19 on Thursday, hitting $5.56. 659,700 shares of the stock traded hands, compared to its average volume of 1,845,062. The firm's 50-day moving average price is $5.88 and its two-hundred day moving average price is $4.64. The stock has a market capitalization of $432.96 million, a PE ratio of -1.99 and a beta of 2.54. Solid Biosciences Inc. has a twelve month low of $2.41 and a twelve month high of $8.74.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($0.51) by $0.09. On average, equities research analysts anticipate that Solid Biosciences Inc. will post -2.84 EPS 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.