Ally Bridge Group NY LLC Takes Position in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Ally Bridge Group NY LLC acquired a new position in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 87,629 shares of the company's stock, valued at approximately $3,939,000. Soleno Therapeutics makes up about 3.3% of Ally Bridge Group NY LLC's investment portfolio, making the stock its 11th largest holding. Ally Bridge Group NY LLC owned about 0.20% of Soleno Therapeutics at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. AlphaQuest LLC grew its position in shares of Soleno Therapeutics by 1,154.4% in the fourth quarter. AlphaQuest LLC now owns 715 shares of the company's stock valued at $32,000 after purchasing an additional 658 shares during the period. US Bancorp DE acquired a new position in shares of Soleno Therapeutics during the fourth quarter valued at approximately $34,000. Avanza Fonder AB acquired a new stake in shares of Soleno Therapeutics in the fourth quarter worth approximately $76,000. Springhill Fund Asset Management HK Co Ltd purchased a new stake in shares of Soleno Therapeutics during the fourth quarter worth approximately $81,000. Finally, Avior Wealth Management LLC purchased a new position in Soleno Therapeutics in the 4th quarter valued at $89,000. 97.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SLNO shares. Guggenheim restated a "buy" rating and set a $81.00 target price (up from $70.00) on shares of Soleno Therapeutics in a report on Friday, March 28th. Piper Sandler lifted their price target on Soleno Therapeutics from $93.00 to $145.00 and gave the stock an "overweight" rating in a report on Thursday, April 24th. Stifel Nicolaus upped their price objective on shares of Soleno Therapeutics from $74.00 to $108.00 and gave the company a "buy" rating in a report on Friday, March 28th. Cantor Fitzgerald increased their price target on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the company an "overweight" rating in a research note on Thursday, March 27th. Finally, Laidlaw upped their price objective on Soleno Therapeutics from $75.00 to $105.00 and gave the company a "buy" rating in a report on Thursday, March 27th. Eight investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Soleno Therapeutics presently has a consensus rating of "Buy" and a consensus target price of $104.67.

Soleno Therapeutics Stock Performance

NASDAQ SLNO traded up $1.26 during trading hours on Monday, reaching $76.49. The company's stock had a trading volume of 532,191 shares, compared to its average volume of 724,986. The company's 50-day moving average is $60.27 and its two-hundred day moving average is $53.60. The stock has a market cap of $3.82 billion, a PE ratio of -23.04 and a beta of -2.67. Soleno Therapeutics, Inc. has a fifty-two week low of $36.93 and a fifty-two week high of $76.69.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last posted 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). Equities analysts expect that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Activity at Soleno Therapeutics

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

Soleno Therapeutics Company Profile

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.