Ally Bridge Group NY LLC Has $3.39 Million Stock Position in Solid Biosciences Inc. $SLDB

Ally Bridge Group NY LLC cut its stake in shares of Solid Biosciences Inc. (NASDAQ:SLDB) by 24.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 549,182 shares of the company’s stock after selling 174,818 shares during the period. Solid Biosciences makes up approximately 2.1% of Ally Bridge Group NY LLC’s investment portfolio, making the stock its 16th largest holding. Ally Bridge Group NY LLC owned about 0.70% of Solid Biosciences worth $3,388,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SLDB. Bollard Group LLC acquired a new position in Solid Biosciences in the second quarter valued at about $1,761,000. Geode Capital Management LLC grew its position in shares of Solid Biosciences by 184.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,510,153 shares of the company’s stock worth $7,356,000 after buying an additional 979,294 shares during the period. Franklin Resources Inc. increased its stake in shares of Solid Biosciences by 28.9% in the 2nd quarter. Franklin Resources Inc. now owns 1,599,173 shares of the company’s stock valued at $7,788,000 after acquiring an additional 358,473 shares during the last quarter. Knott David M Jr increased its stake in shares of Solid Biosciences by 23.1% in the 2nd quarter. Knott David M Jr now owns 162,440 shares of the company’s stock valued at $791,000 after acquiring an additional 30,440 shares during the last quarter. Finally, ProShare Advisors LLC acquired a new stake in shares of Solid Biosciences in the 2nd quarter valued at approximately $80,000. Institutional investors own 81.46% of the company’s stock.

Insider Buying and Selling

In other news, CFO Kevin Tan sold 26,837 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $6.44, for a total transaction of $172,830.28. Following the completion of the sale, the chief financial officer owned 108,984 shares of the company’s stock, valued at $701,856.96. This represents a 19.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Alexander Cumbo sold 80,258 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $6.44, for a total transaction of $516,861.52. Following the sale, the chief executive officer owned 270,931 shares in the company, valued at approximately $1,744,795.64. The trade was a 22.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 597,672 shares of company stock valued at $3,816,546. 1.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SLDB shares. Needham & Company LLC reissued a “buy” rating and set a $16.00 price objective on shares of Solid Biosciences in a research note on Monday, February 9th. Wedbush reiterated an “outperform” rating and issued a $14.00 target price on shares of Solid Biosciences in a report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Biosciences in a research report on Thursday, January 22nd. Citigroup reissued a “market outperform” rating on shares of Solid Biosciences in a report on Wednesday, December 17th. Finally, Chardan Capital restated a “buy” rating and issued a $15.00 price objective on shares of Solid Biosciences in a research report on Thursday. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $14.70.

Solid Biosciences Stock Performance

NASDAQ SLDB opened at $7.31 on Friday. The business has a 50 day simple moving average of $6.24 and a 200 day simple moving average of $5.73. Solid Biosciences Inc. has a 52-week low of $2.41 and a 52-week high of $8.72. The stock has a market cap of $569.52 million, a price-to-earnings ratio of -2.94 and a beta of 2.65.

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.