Solid Biosciences Inc. (NASDAQ:SLDB) Sees Significant Decrease in Short Interest

Solid Biosciences Inc. (NASDAQ:SLDB) was the recipient of a significant decline in short interest in the month of July. As of July 15th, there was short interest totalling 1,660,000 shares, a decline of 45.6% from the June 30th total of 3,050,000 shares. Based on an average daily volume of 451,600 shares, the days-to-cover ratio is presently 3.7 days. Currently, 5.2% of the company’s shares are sold short.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. RA Capital Management L.P. boosted its stake in shares of Solid Biosciences by 26.4% in the first quarter. RA Capital Management L.P. now owns 4,330,446 shares of the company’s stock valued at $57,682,000 after purchasing an additional 904,160 shares during the period. Bain Capital Life Sciences Investors LLC boosted its stake in shares of Solid Biosciences by 28.9% in the first quarter. Bain Capital Life Sciences Investors LLC now owns 4,034,582 shares of the company’s stock valued at $53,741,000 after purchasing an additional 904,160 shares during the period. Artal Group S.A. raised its holdings in 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 acquiring an additional 1,590,781 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in Solid Biosciences in the first quarter valued at $23,935,000. Finally, Vanguard Group Inc. boosted 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 during the last quarter. 81.46% of the stock is currently owned by hedge funds and other institutional investors.

Solid Biosciences Stock Up 2.7 %

Shares of SLDB stock traded up $0.24 on Friday, hitting $9.29. The stock had a trading volume of 251,035 shares, compared to its average volume of 677,246. The firm has a market capitalization of $356.55 million, a price-to-earnings ratio of -2.36 and a beta of 1.85. The stock’s 50 day moving average is $7.56 and its 200-day moving average is $9.09. The company has a debt-to-equity ratio of 0.01, a quick ratio of 14.94 and a current ratio of 14.94. Solid Biosciences has a 52-week low of $1.81 and a 52-week high of $15.05.

Solid Biosciences (NASDAQ:SLDB) last announced its earnings results on Wednesday, May 15th. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.07). As a group, research analysts expect that Solid Biosciences will post -2.71 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Leerink Partnrs upgraded shares of Solid Biosciences from a “hold” rating to a “strong-buy” rating in a report on Monday, June 24th. Barclays lowered their target price on shares of Solid Biosciences from $21.00 to $18.00 and set an “overweight” rating for the company in a report on Thursday, May 16th. HC Wainwright reiterated a “buy” rating and set a $16.00 price objective on shares of Solid Biosciences in a research note on Monday, May 20th. Piper Sandler reiterated an “overweight” rating and set a $20.00 price objective on shares of Solid Biosciences in a research note on Friday, June 21st. Finally, SVB Leerink upgraded shares of Solid Biosciences from a “market perform” rating to an “outperform” rating and set a $12.00 price objective for the company in a research note on Monday, June 24th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $16.17.

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.