Stempoint Capital LP Purchases New Position in Solid Biosciences Inc. $SLDB

Key Points

• Stempoint Capital LP initiated a position in Solid Biosciences by purchasing 195,403 shares valued at approximately $1.4 million, representing about 0.20% of the company. Institutional investors and hedge funds collectively own 81.46% of SLDB.
• Solid Biosciences reported a quarterly loss of $0.52 per share, missing analyst expectations of a $0.40 loss; analysts expect a full-year loss of approximately $1.90 per share.
• Analyst sentiment remains broadly positive, with an average “Moderate Buy” rating and a $17.11 price target versus the stock’s recent price of $8.04, despite ratings ranging from “Strong Buy” to “Sell.”

Stempoint Capital LP purchased a new stake in Solid Biosciences Inc. (NASDAQ:SLDB - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm purchased 195,403 shares of the company's stock, valued at approximately $1,407,000. Stempoint Capital LP owned approximately 0.20% of Solid Biosciences at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SLDB. Legal & General Group Plc boosted its stake in Solid Biosciences by 208.6% during the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company's stock worth $29,000 after purchasing an additional 4,063 shares during the last quarter. Creative Planning purchased a new position in shares of Solid Biosciences in the second quarter worth about $57,000. Russell Investments Group Ltd. boosted its position in Solid Biosciences by 142.0% during the third quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company's stock worth $63,000 after acquiring an additional 5,991 shares during the last quarter. Polymer Capital Management US LLC acquired a new position in Solid Biosciences during the third quarter worth about $94,000. Finally, Jain Global LLC acquired a new stake in Solid Biosciences in the 4th quarter valued at about $114,000. 81.46% of the stock is owned by institutional investors and hedge funds.

Solid Biosciences Price Performance

Solid Biosciences stock opened at $8.04 on Thursday. The firm has a 50 day simple moving average of $8.34 and a 200-day simple moving average of $7.41. The stock has a market cap of $791.54 million, a price-to-earnings ratio of -4.12 and a beta of 2.36. Solid Biosciences Inc. has a 1-year low of $3.79 and a 1-year 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). Equities analysts expect that Solid Biosciences Inc. will post -1.9 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on SLDB. Piper Sandler restated an "overweight" rating and set a $18.00 target price (up from $17.00) on shares of Solid Biosciences in a report on Wednesday, May 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Solid Biosciences in a report on Friday, July 17th. Truist Financial upgraded Solid Biosciences to a "strong-buy" rating in a research report on Monday, April 27th. Wedbush dropped their target price on Solid Biosciences from $17.00 to $16.00 and set an "outperform" rating for the company in a report on Wednesday, May 13th. Finally, HC Wainwright raised their target price on Solid Biosciences from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target 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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