Bank of New York Mellon Corp Takes Position in Solid Biosciences Inc. (NASDAQ:SLDB)

Bank of New York Mellon Corp bought a new position in Solid Biosciences Inc. (NASDAQ:SLDB) during the second quarter, according to its most recent filing with the SEC. The firm bought 69,107 shares of the company’s stock, valued at approximately $392,000. Bank of New York Mellon Corp owned approximately 0.18% of Solid Biosciences as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Vestal Point Capital LP bought a new stake in Solid Biosciences during the 4th quarter worth approximately $209,000. Vanguard Group Inc. lifted its stake in Solid Biosciences by 283.9% during the 1st quarter. Vanguard Group Inc. now owns 1,244,575 shares of the company’s stock valued at $16,578,000 after acquiring an additional 920,404 shares in the last quarter. Bain Capital Life Sciences Investors LLC boosted its holdings in Solid Biosciences by 28.9% during the 1st quarter. Bain Capital Life Sciences Investors LLC now owns 4,034,582 shares of the company’s stock worth $53,741,000 after acquiring an additional 904,160 shares during the last quarter. Janus Henderson Group PLC bought a new stake in shares of Solid Biosciences in the 1st quarter worth $23,935,000. Finally, Artal Group S.A. raised its holdings in shares of Solid Biosciences by 175.0% in the first quarter. Artal Group S.A. now owns 2,500,000 shares of the company’s stock valued at $33,300,000 after purchasing an additional 1,590,781 shares during the last quarter. Institutional investors and hedge funds own 81.46% of the company’s stock.

Solid Biosciences Stock Performance

Shares of Solid Biosciences stock opened at $7.54 on Thursday. The stock has a market capitalization of $291.04 million, a P/E ratio of -1.91 and a beta of 1.92. Solid Biosciences Inc. has a 52-week low of $1.81 and a 52-week high of $15.05. The stock’s 50-day simple moving average is $8.38 and its 200 day simple moving average is $9.00.

Solid Biosciences (NASDAQ:SLDB) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.05. Equities research analysts forecast that Solid Biosciences Inc. will post -2.61 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on SLDB shares. Leerink Partnrs upgraded shares of Solid Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 24th. Piper Sandler reiterated an “overweight” rating and set a $20.00 price target on shares of Solid Biosciences in a report on Friday, June 21st. William Blair upgraded Solid Biosciences to a “strong-buy” rating in a research note on Friday, August 30th. Barclays lowered their target price on Solid Biosciences from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 14th. Finally, HC Wainwright restated a “buy” rating and set a $16.00 price target on shares of Solid Biosciences in a research report on Wednesday, August 14th. Six analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Solid Biosciences currently has a consensus rating of “Buy” and a consensus price target 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.