Knott David M Jr Cuts Stock Holdings in Solid Biosciences Inc. $SLDB

Knott David M Jr reduced its stake in Solid Biosciences Inc. (NASDAQ:SLDB) by 71.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 47,143 shares of the company’s stock after selling 115,297 shares during the period. Knott David M Jr’s holdings in Solid Biosciences were worth $339,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. AQR Capital Management LLC purchased a new position in shares of Solid Biosciences during the first quarter valued at about $418,000. Goldman Sachs Group Inc. increased its holdings in shares of Solid Biosciences by 32.2% in the first quarter. Goldman Sachs Group Inc. now owns 180,137 shares of the company’s stock worth $667,000 after purchasing an additional 43,910 shares during the last quarter. Woodline Partners LP bought a new stake in shares of Solid Biosciences in the first quarter worth about $2,338,000. Creative Planning purchased a new stake in shares of Solid Biosciences in the second quarter worth about $57,000. Finally, JPMorgan Chase & Co. lifted 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 worth $167,000 after buying an additional 18,094 shares in the last quarter. Hedge funds and other institutional investors own 81.46% of the company’s stock.

Solid Biosciences Stock Down 1.5%

SLDB stock opened at $7.98 on Friday. Solid Biosciences Inc. has a twelve month low of $3.79 and a twelve month high of $11.45. The stock has a market capitalization of $785.63 million, a price-to-earnings ratio of -4.09 and a beta of 2.36. The firm’s fifty day simple moving average is $8.23 and its two-hundred day simple moving average is $7.34.

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

Analysts Set New Price Targets

SLDB has been the subject of several research analyst reports. Wall Street Zen upgraded Solid Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. HC Wainwright upped their price objective on Solid Biosciences from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research report on Friday, July 17th. Wedbush lowered their target price on Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Finally, Piper Sandler reissued an “overweight” rating and issued a $18.00 target price (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. According to MarketBeat.com, Solid Biosciences has a consensus rating of “Moderate Buy” and a consensus price target 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.