Geode Capital Management LLC Purchases 979,294 Shares of Solid Biosciences Inc. $SLDB

Geode Capital Management LLC raised its position in Solid Biosciences Inc. (NASDAQ:SLDB) by 184.5% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 1,510,153 shares of the company’s stock after acquiring an additional 979,294 shares during the period. Geode Capital Management LLC owned approximately 1.95% of Solid Biosciences worth $7,356,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Goldman Sachs Group Inc. grew its position in Solid Biosciences by 32.2% in the 1st 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 period. Alyeska Investment Group L.P. lifted its stake in shares of Solid Biosciences by 373.7% in the first quarter. Alyeska Investment Group L.P. now owns 1,640,821 shares of the company’s stock valued at $6,071,000 after buying an additional 1,294,450 shares in the last quarter. Knott David M Jr acquired a new position in shares of Solid Biosciences during the first quarter valued at about $488,000. XTX Topco Ltd bought a new stake in shares of Solid Biosciences during the first quarter worth about $151,000. Finally, Adage Capital Partners GP L.L.C. raised its holdings in shares of Solid Biosciences by 285.0% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 6,729,484 shares of the company’s stock worth $24,899,000 after acquiring an additional 4,981,400 shares during the last quarter. Institutional investors own 81.46% of the company’s stock.

Insider Activity

In related news, CEO Alexander Cumbo sold 10,808 shares of Solid Biosciences stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $5.11, for a total value of $55,228.88. Following the completion of the transaction, the chief executive officer directly owned 81,388 shares in the company, valued at approximately $415,892.68. The trade was a 11.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO David T. Howton sold 4,932 shares of the company’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $5.11, for a total value of $25,202.52. Following the sale, the chief operating officer owned 32,908 shares in the company, valued at approximately $168,159.88. This represents a 13.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 25,819 shares of company stock valued at $134,396. 1.90% of the stock is owned by company insiders.

Solid Biosciences Trading Down 2.5%

Shares of SLDB opened at $5.77 on Friday. The stock has a 50 day moving average of $5.33 and a 200 day moving average of $5.28. The company has a market capitalization of $449.54 million, a price-to-earnings ratio of -2.32 and a beta of 2.97. Solid Biosciences Inc. has a 12 month low of $2.41 and a 12 month high of $7.37.

Solid Biosciences (NASDAQ:SLDB) last announced its quarterly earnings data on Monday, November 3rd. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.06). As a group, equities research analysts predict that Solid Biosciences Inc. will post -2.84 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on SLDB. JPMorgan Chase & Co. dropped their price target on shares of Solid Biosciences from $13.00 to $11.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Chardan Capital reaffirmed a “buy” rating and set a $15.00 target price on shares of Solid Biosciences in a research report on Tuesday, November 4th. Barclays set a $9.00 price target on Solid Biosciences and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Wall Street Zen lowered Solid Biosciences from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Finally, Needham & Company LLC initiated coverage on Solid Biosciences in a research note on Thursday. They set a “buy” rating and a $16.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Solid Biosciences has a consensus rating of “Moderate Buy” and an average price target of $14.82.

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.