Alyeska Investment Group L.P. Decreases Stock Holdings in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Alyeska Investment Group L.P. trimmed its stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 56.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 424,081 shares of the company's stock after selling 552,024 shares during the period. Alyeska Investment Group L.P. owned 0.98% of Soleno Therapeutics worth $19,062,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Nantahala Capital Management LLC increased its holdings in shares of Soleno Therapeutics by 20.1% during the fourth quarter. Nantahala Capital Management LLC now owns 3,928,966 shares of the company's stock valued at $176,607,000 after acquiring an additional 658,518 shares in the last quarter. Avoro Capital Advisors LLC increased its stake in Soleno Therapeutics by 15.8% during the 4th quarter. Avoro Capital Advisors LLC now owns 2,525,000 shares of the company's stock valued at $113,499,000 after purchasing an additional 344,000 shares in the last quarter. TimesSquare Capital Management LLC acquired a new position in Soleno Therapeutics during the 4th quarter valued at approximately $15,273,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Soleno Therapeutics by 24.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,630,718 shares of the company's stock worth $73,301,000 after buying an additional 321,223 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Soleno Therapeutics by 19.2% during the fourth quarter. Vanguard Group Inc. now owns 1,884,533 shares of the company's stock worth $84,710,000 after buying an additional 303,806 shares during the period. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Lifesci Capital raised Soleno Therapeutics to a "strong-buy" rating in a research report on Tuesday, February 4th. HC Wainwright reissued a "buy" rating and set a $100.00 price target on shares of Soleno Therapeutics in a research report on Tuesday, April 15th. Robert W. Baird upped their price objective on shares of Soleno Therapeutics from $102.00 to $105.00 and gave the company an "outperform" rating in a report on Thursday. Guggenheim upped their price target on shares of Soleno Therapeutics from $81.00 to $97.00 and gave the company a "buy" rating in a report on Thursday. Finally, Cantor Fitzgerald upped their target price on Soleno Therapeutics from $67.00 to $123.00 and gave the stock an "overweight" rating in a research note on Thursday, March 27th. Eight research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $106.78.

Insider Activity at Soleno Therapeutics

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 128,653 shares of the company'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 sale, the insider now directly owns 55,789 shares of the company's stock, valued at $3,811,504.48. This represents a 69.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael F. Huang sold 14,583 shares of the stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $69.51, for a total value of $1,013,664.33. Following the sale, the vice president now directly owns 36,817 shares of the company's stock, valued at approximately $2,559,149.67. This represents a 28.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 942,672 shares of company stock valued at $64,058,781 in the last three months. 12.30% of the stock is currently owned by company insiders.

Soleno Therapeutics Stock Performance

Shares of NASDAQ:SLNO traded up $0.51 during midday trading on Friday, hitting $76.77. The company's stock had a trading volume of 950,943 shares, compared to its average volume of 737,387. The company has a market cap of $3.83 billion, a P/E ratio of -23.12 and a beta of -2.67. The business's 50 day simple moving average is $62.61 and its 200 day simple moving average is $54.19. Soleno Therapeutics, Inc. has a 12-month low of $36.93 and a 12-month high of $80.99.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.95) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.14) by $0.19. On average, sell-side analysts predict that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Soleno Therapeutics 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.