Solid Biosciences Inc. $SLDB Shares Purchased by Ally Bridge Group NY LLC

Ally Bridge Group NY LLC raised its stake in Solid Biosciences Inc. (NASDAQ:SLDB - Free Report) by 85.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 766,974 shares of the company's stock after purchasing an additional 353,349 shares during the quarter. Solid Biosciences makes up about 4.5% of Ally Bridge Group NY LLC's portfolio, making the stock its 6th biggest holding. Ally Bridge Group NY LLC owned 0.78% of Solid Biosciences worth $5,522,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Vestal Point Capital LP boosted its holdings in shares of Solid Biosciences by 95.5% in the 4th quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company's stock valued at $32,797,000 after buying an additional 2,840,000 shares during the last quarter. Armistice Capital LLC lifted its stake in Solid Biosciences by 179.1% in the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company's stock valued at $14,732,000 after acquiring an additional 1,676,000 shares during the last quarter. Nantahala Capital Management LLC grew its position in shares of Solid Biosciences by 505.4% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company's stock valued at $8,295,000 after acquiring an additional 1,421,968 shares during the period. Monashee Investment Management LLC bought a new position in shares of Solid Biosciences in the 4th quarter valued at about $7,613,000. Finally, Bank of America Corp DE increased its stake in shares of Solid Biosciences by 2,150.4% during the 2nd quarter. Bank of America Corp DE now owns 824,600 shares of the company's stock worth $4,016,000 after purchasing an additional 787,957 shares during the last quarter. Institutional investors and hedge funds own 81.46% of the company's stock.

Solid Biosciences Stock Performance

SLDB opened at $7.97 on Wednesday. The stock has a fifty day moving average of $8.31 and a 200-day moving average of $7.39. The company has a market capitalization of $784.65 million, a P/E ratio of -4.09 and a beta of 2.36. Solid Biosciences Inc. has a fifty-two week low of $3.79 and a fifty-two week high of $11.45.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.12). On average, equities research analysts predict that Solid Biosciences Inc. will post -1.9 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. HC Wainwright boosted their price target on Solid Biosciences from $20.00 to $25.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. Wedbush reduced their target price on Solid Biosciences from $17.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. Truist Financial raised Solid Biosciences to a "strong-buy" rating in a report on Monday, April 27th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Solid Biosciences in a report on Friday, July 17th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $18.00 price objective (up from $17.00) on shares of Solid Biosciences in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.11.

About Solid Biosciences

Solid Biosciences Inc is a clinical‐stage biotechnology company focused on the development of therapies for Duchenne muscular dystrophy (DMD), a rare genetic disorder characterized by progressive muscle degeneration. The company's primary approach centers on gene replacement and gene editing technologies designed to restore functional dystrophin protein in patients lacking this critical muscle‐stabilizing protein.

Solid's lead investigational therapy, SGT‐001, is a micro‐dystrophin gene therapy candidate engineered to deliver a shortened but functional form of the dystrophin gene using an adeno‐associated virus (AAV) vector.

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