Redmile Group LLC Buys 151,353 Shares of Solid Biosciences Inc. $SLDB

Redmile Group LLC increased its stake in shares of Solid Biosciences Inc. (NASDAQ:SLDB) by 8.1% during the first quarter, HoldingsChannel.com reports. The fund owned 2,011,895 shares of the company’s stock after purchasing an additional 151,353 shares during the period. Solid Biosciences makes up 1.0% of Redmile Group LLC’s holdings, making the stock its 18th largest position. Redmile Group LLC’s holdings in Solid Biosciences were worth $14,486,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. AQR Capital Management LLC acquired a new stake in Solid Biosciences in the 1st quarter worth approximately $418,000. Goldman Sachs Group Inc. grew its holdings in Solid Biosciences by 32.2% during the first quarter. Goldman Sachs Group Inc. now owns 180,137 shares of the company’s stock valued at $667,000 after purchasing an additional 43,910 shares during the last quarter. Woodline Partners LP acquired a new position in Solid Biosciences during the first quarter valued at approximately $2,338,000. Creative Planning acquired a new position in Solid Biosciences during the second quarter valued at approximately $57,000. Finally, JPMorgan Chase & Co. raised its position in shares of Solid Biosciences by 111.1% in the second quarter. JPMorgan Chase & Co. now owns 34,379 shares of the company’s stock valued at $167,000 after purchasing an additional 18,094 shares during the period. Institutional investors and hedge funds own 81.46% of the company’s stock.

Solid Biosciences Stock Performance

Shares of SLDB stock opened at $7.97 on Wednesday. Solid Biosciences Inc. has a 52-week low of $3.79 and a 52-week high of $11.45. The stock has a market cap of $784.65 million, a price-to-earnings ratio of -4.09 and a beta of 2.36. The firm has a fifty day moving average of $8.31 and a 200-day moving average of $7.39.

Solid Biosciences (NASDAQ:SLDB) last issued its earnings results on Tuesday, May 12th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.12). On average, sell-side analysts predict that Solid Biosciences Inc. will post -1.9 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on SLDB shares. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Biosciences in a research note on Friday, July 17th. Truist Financial upgraded shares of Solid Biosciences to a “strong-buy” rating in a research note on Monday, April 27th. Wedbush dropped their target price on shares of Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. HC Wainwright boosted their target price on shares of Solid Biosciences from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Finally, Piper Sandler restated an “overweight” rating and set a $18.00 price target (up from $17.00) on shares of Solid Biosciences in a report on Wednesday, May 13th. One equities research 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.11.

Solid Biosciences Profile

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.