Solid Biosciences Inc. (NASDAQ:SLDB) Shares Acquired by Millennium Management LLC

Millennium Management LLC increased its stake in shares of Solid Biosciences Inc. (NASDAQ:SLDB - Free Report) by 135.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,728,065 shares of the company's stock after buying an additional 994,984 shares during the period. Millennium Management LLC owned about 4.50% of Solid Biosciences worth $9,798,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Point72 DIFC Ltd acquired a new position in shares of Solid Biosciences in the second quarter valued at approximately $58,000. Ground Swell Capital LLC acquired a new position in shares of Solid Biosciences in the second quarter valued at approximately $76,000. Rhumbline Advisers purchased a new stake in Solid Biosciences during the second quarter worth approximately $191,000. American Century Companies Inc. grew its stake in Solid Biosciences by 39.9% during the second quarter. American Century Companies Inc. now owns 34,557 shares of the company's stock worth $196,000 after buying an additional 9,853 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in Solid Biosciences during the second quarter worth approximately $379,000. Hedge funds and other institutional investors own 81.46% of the company's stock.

Solid Biosciences Trading Down 2.4 %

NASDAQ SLDB traded down $0.17 during trading hours on Wednesday, reaching $6.91. 133,386 shares of the company traded hands, compared to its average volume of 346,793. Solid Biosciences Inc. has a 12 month low of $1.81 and a 12 month high of $15.05. The stock has a market capitalization of $266.73 million, a PE ratio of -1.75 and a beta of 1.90. The company has a 50 day moving average of $7.98 and a two-hundred day moving average of $8.59.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.61) EPS for the quarter, beating analysts' consensus estimates of ($0.66) by $0.05. On average, equities research analysts anticipate that Solid Biosciences Inc. will post -2.61 earnings per share for the current year.

Wall Street Analyst Weigh In

SLDB has been the subject of several research reports. JPMorgan Chase & Co. upgraded shares of Solid Biosciences from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $10.00 to $15.00 in a research note on Monday, July 15th. HC Wainwright restated a "buy" rating and issued a $16.00 target price on shares of Solid Biosciences in a research note on Wednesday, August 14th. William Blair upgraded shares of Solid Biosciences to a "strong-buy" rating in a research note on Friday, August 30th. Barclays decreased their target price on shares of Solid Biosciences from $18.00 to $15.00 and set an "overweight" rating for the company in a research note on Wednesday, August 14th. Finally, Piper Sandler restated an "overweight" rating and issued a $20.00 target price on shares of Solid Biosciences in a research note on Friday, June 21st. Six equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Solid Biosciences currently has a consensus rating of "Buy" and an average target price of $15.67.

About Solid Biosciences

Solid Biosciences Inc, a life science company, develops therapies for neuromuscular and cardiac diseases in the United States. The company's lead product candidate is SGT-003, a gene transfer candidate for the treatment of Duchenne muscular dystrophy; and SGT-501 to treat Catecholaminergic polymorphic ventricular tachycardia.