Rock Springs Capital Management LP Acquires Shares of 124,095 Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Rock Springs Capital Management LP acquired a new stake in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 124,095 shares of the company's stock, valued at approximately $5,578,000. Rock Springs Capital Management LP owned 0.29% of Soleno Therapeutics as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Corebridge Financial Inc. increased its position in shares of Soleno Therapeutics by 2.9% during the fourth quarter. Corebridge Financial Inc. now owns 12,720 shares of the company's stock valued at $572,000 after buying an additional 357 shares during the period. Summit Investment Advisors Inc. increased its holdings in Soleno Therapeutics by 24.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,677 shares of the company's stock worth $120,000 after acquiring an additional 522 shares during the period. AlphaQuest LLC increased its holdings in Soleno Therapeutics by 1,154.4% during the 4th quarter. AlphaQuest LLC now owns 715 shares of the company's stock worth $32,000 after acquiring an additional 658 shares during the period. US Bancorp DE purchased a new stake in Soleno Therapeutics in the 4th quarter worth approximately $34,000. Finally, Alliancebernstein L.P. boosted its holdings in Soleno Therapeutics by 3.5% in the 4th quarter. Alliancebernstein L.P. now owns 23,810 shares of the company's stock valued at $1,070,000 after purchasing an additional 800 shares during the period. Institutional investors own 97.42% of the company's stock.

Insider Activity

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 699,095 shares of the stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $67.62, for a total value of $47,272,803.90. Following the completion of the sale, the chief executive officer now owns 577,076 shares in the company, valued at approximately $39,021,879.12. This trade represents a 54.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Patricia C. Hirano sold 128,653 shares of Soleno Therapeutics stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $68.32, for a total value of $8,789,572.96. Following the completion of the sale, the insider now owns 55,789 shares in the company, valued at approximately $3,811,504.48. This represents a 69.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 942,672 shares of company stock valued at $64,058,781. Insiders own 12.30% of the company's stock.

Soleno Therapeutics Stock Down 1.3 %

Shares of SLNO traded down $0.97 during trading hours on Friday, hitting $73.26. The company had a trading volume of 776,359 shares, compared to its average volume of 735,511. The firm has a market cap of $3.36 billion, a P/E ratio of -22.07 and a beta of -2.29. Soleno Therapeutics, Inc. has a 52-week low of $36.93 and a 52-week high of $74.50. The stock's 50 day moving average price is $57.41 and its 200 day moving average price is $52.85.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts' consensus estimates of ($0.86) by ($0.41). On average, research analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SLNO has been the topic of several research analyst reports. Lifesci Capital raised shares of Soleno Therapeutics to a "strong-buy" rating in a report on Tuesday, February 4th. Piper Sandler upped their target price on Soleno Therapeutics from $93.00 to $145.00 and gave the stock an "overweight" rating in a research note on Thursday. Robert W. Baird upped their price objective on shares of Soleno Therapeutics from $72.00 to $102.00 and gave the stock an "outperform" rating in a research report on Thursday, March 27th. Guggenheim reiterated a "buy" rating and set a $81.00 target price (up from $70.00) on shares of Soleno Therapeutics in a research report on Friday, March 28th. Finally, Laidlaw raised their price objective on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the company a "buy" rating in a research report on Thursday, March 27th. Eight analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $104.67.

About Soleno Therapeutics

Soleno Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutics for the treatment of rare diseases. Its lead candidate is Diazoxide Choline Extended-Release tablets, a once-daily oral tablet, which is in Phase III clinical trials for the treatment of Prader-Willi Syndrome.