Alyeska Investment Group L.P. Buys 1,294,450 Shares of Solid Biosciences Inc. $SLDB

Key Points

• Alyeska Investment Group L.P. increased its holdings in Solid Biosciences Inc. by 373.7%, owning a total of 1,640,821 shares valued at approximately $6.07 million.
• Solid Biosciences reported an earnings per share (EPS) of ($0.42) for the recent quarter, which exceeded analysts' expectations of ($0.51) by $0.09.
• The company has experienced significant interest from hedge funds, with 81.46% of its stock owned by institutional investors.

Alyeska Investment Group L.P. raised its position in Solid Biosciences Inc. (NASDAQ:SLDB - Free Report) by 373.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,640,821 shares of the company's stock after purchasing an additional 1,294,450 shares during the period. Alyeska Investment Group L.P. owned 2.12% of Solid Biosciences worth $6,071,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Adage Capital Partners GP L.L.C. increased its position in shares of Solid Biosciences by 285.0% during the first quarter. Adage Capital Partners GP L.L.C. now owns 6,729,484 shares of the company's stock worth $24,899,000 after buying an additional 4,981,400 shares during the period. Redmile Group LLC boosted its position in Solid Biosciences by 228.2% during the first quarter. Redmile Group LLC now owns 2,019,171 shares of the company's stock valued at $7,471,000 after acquiring an additional 1,403,925 shares during the last quarter. Birchview Capital LP acquired a new stake in Solid Biosciences during the 1st quarter worth about $476,000. MPM Bioimpact LLC acquired a new stake in Solid Biosciences during the 1st quarter worth about $6,077,000. Finally, Nantahala Capital Management LLC bought a new position in shares of Solid Biosciences in the 1st quarter worth about $1,041,000. 81.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SLDB shares. Wall Street Zen upgraded Solid Biosciences from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Citigroup assumed coverage on Solid Biosciences in a research note on Thursday, June 26th. They issued a "buy" rating and a $14.00 price target on the stock. Piper Sandler reduced their price objective 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. Chardan Capital reiterated a "buy" rating and issued a $15.00 price objective on shares of Solid Biosciences in a research note on Thursday, August 14th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Solid Biosciences from $15.00 to $13.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company's stock. According to MarketBeat.com, Solid Biosciences presently has a consensus rating of "Buy" and an average price target of $15.00.

Solid Biosciences Trading Up 1.3%

Shares of SLDB traded up $0.07 during trading hours on Thursday, reaching $5.31. The stock had a trading volume of 482,663 shares, compared to its average volume of 785,426. The firm has a 50-day simple moving average of $5.94 and a 200 day simple moving average of $4.63. Solid Biosciences Inc. has a 12 month low of $2.41 and a 12 month high of $8.14. The company has a market capitalization of $413.49 million, a price-to-earnings ratio of -1.90 and a beta of 2.54.

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 for the quarter, topping the consensus estimate of ($0.51) by $0.09. On average, equities analysts forecast 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.