Solid Biosciences Inc. $SLDB Shares Purchased by Armistice Capital LLC

Armistice Capital LLC boosted its position in Solid Biosciences Inc. (NASDAQ:SLDB) by 179.1% in the 4th quarter, HoldingsChannel reports. The firm owned 2,612,000 shares of the company’s stock after purchasing an additional 1,676,000 shares during the period. Armistice Capital LLC’s holdings in Solid Biosciences were worth $14,732,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in SLDB. Legal & General Group Plc raised its stake in Solid Biosciences by 208.6% in the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock valued at $29,000 after purchasing an additional 4,063 shares during the last quarter. Creative Planning acquired a new position in Solid Biosciences in the 2nd quarter valued at about $57,000. Russell Investments Group Ltd. raised its stake in Solid Biosciences by 142.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock valued at $63,000 after purchasing an additional 5,991 shares during the last quarter. Polymer Capital Management US LLC acquired a new position in Solid Biosciences in the 3rd quarter valued at about $94,000. Finally, Fox Run Management L.L.C. acquired a new position in Solid Biosciences in the 3rd quarter valued at about $114,000. Institutional investors and hedge funds own 81.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Biosciences in a research note on Tuesday, April 21st. Piper Sandler reissued an “overweight” rating and issued a $18.00 target price (up from $17.00) on shares of Solid Biosciences in a research note on Wednesday, May 13th. JPMorgan Chase & Co. boosted their target price on shares of Solid Biosciences from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Wednesday, March 25th. Wedbush cut their target price on shares of Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Finally, Wall Street Zen downgraded shares of Solid Biosciences from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Solid Biosciences has an average rating of “Moderate Buy” and an average price target of $17.00.

Solid Biosciences Stock Performance

Shares of NASDAQ:SLDB opened at $7.31 on Thursday. Solid Biosciences Inc. has a 1 year low of $3.79 and a 1 year high of $8.87. The stock has a market capitalization of $719.67 million, a P/E ratio of -3.75 and a beta of 2.43. The stock has a 50-day simple moving average of $7.35 and a 200-day simple moving average of $6.64.

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

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.