Redmile Group LLC Has $7.47 Million Holdings in Solid Biosciences Inc. $SLDB

Key Points

• Redmile Group LLC increased its stake in Solid Biosciences Inc. by 228.2%, owning 2,019,171 shares valued at approximately $7.47 million at the end of the most recent reporting period.
• Solid Biosciences reported earnings of ($0.42) per share, exceeding the consensus estimate of ($0.51) and is projected to post -2.84 EPS for the current year.
• Analysts have mixed ratings for Solid Biosciences, with an average price target of $15.00 and a majority rating it as a "Buy".

Redmile Group LLC increased its holdings in Solid Biosciences Inc. (NASDAQ:SLDB - Free Report) by 228.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,019,171 shares of the company's stock after acquiring an additional 1,403,925 shares during the quarter. Solid Biosciences makes up 0.7% of Redmile Group LLC's portfolio, making the stock its 29th biggest position. Redmile Group LLC owned 2.61% of Solid Biosciences worth $7,471,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. CWM LLC lifted its stake in shares of Solid Biosciences by 15,188.5% in the first quarter. CWM LLC now owns 7,950 shares of the company's stock worth $29,000 after acquiring an additional 7,898 shares in the last quarter. Corton Capital Inc. acquired a new position in shares of Solid Biosciences in the fourth quarter worth about $41,000. Ground Swell Capital LLC acquired a new stake in Solid Biosciences during the first quarter valued at approximately $42,000. Invesco Ltd. acquired a new stake in Solid Biosciences during the fourth quarter valued at approximately $49,000. Finally, Wells Fargo & Company MN raised its stake in 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 in the last quarter. Institutional investors and hedge funds own 81.46% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. 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 note on Friday, May 16th. Piper Sandler lowered their target price on Solid Biosciences from $20.00 to $17.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. JMP Securities reiterated a "market outperform" rating and set a $15.00 price target on shares of Solid Biosciences in a research report on Friday, June 6th. JPMorgan Chase & Co. reduced their price objective on Solid Biosciences from $15.00 to $13.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. Finally, HC Wainwright reissued a "buy" rating and set a $20.00 price objective on shares of Solid Biosciences in a research note 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, the company has a consensus rating of "Buy" and an average price target of $15.00.

Solid Biosciences Price Performance

SLDB traded down $0.06 during trading on Friday, reaching $5.50. 1,143,050 shares of the stock traded hands, compared to its average volume of 813,463. The stock has a market cap of $428.29 million, a price-to-earnings ratio of -1.96 and a beta of 2.54. Solid Biosciences Inc. has a fifty-two week low of $2.41 and a fifty-two week high of $8.65. The stock's 50-day simple moving average is $5.91 and its two-hundred day simple moving average is $4.65.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last released its quarterly earnings data 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. Research analysts anticipate 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.