Adage Capital Partners GP L.L.C. Has $313.86 Million Position in Soleno Therapeutics, Inc. $SLNO

Key Points

• Adage Capital Partners GP L.L.C. has increased its stake in Soleno Therapeutics by 58.2%, acquiring 1,616,720 shares to reach a total of 4,392,696 shares, representing about 8.72% of the company.
• Soleno Therapeutics' stock received several upgrades, with research firms including **HC Wainwright** and **Wells Fargo & Company** assigning a "buy" rating and setting target prices of $110.00 and $123.00 respectively.
• Soleno Therapeutics reported a quarterly earnings of ($0.09) EPS, significantly beating analysts' expectations, and achieved revenue of $32.66 million, surpassing estimated revenue of $3.91 million.

Adage Capital Partners GP L.L.C. boosted its holdings in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 58.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,392,696 shares of the company's stock after buying an additional 1,616,720 shares during the period. Soleno Therapeutics makes up about 0.6% of Adage Capital Partners GP L.L.C.'s investment portfolio, making the stock its 27th largest position. Adage Capital Partners GP L.L.C. owned about 8.72% of Soleno Therapeutics worth $313,858,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. AlphaQuest LLC increased its position in Soleno Therapeutics by 37.5% in the 1st quarter. AlphaQuest LLC now owns 983 shares of the company's stock worth $70,000 after buying an additional 268 shares during the period. Quarry LP bought a new position in Soleno Therapeutics in the 1st quarter worth approximately $121,000. Avanza Fonder AB increased its position in Soleno Therapeutics by 14.8% in the 1st quarter. Avanza Fonder AB now owns 1,951 shares of the company's stock worth $144,000 after buying an additional 251 shares during the period. Oppenheimer & Co. Inc. bought a new position in Soleno Therapeutics in the 1st quarter worth approximately $232,000. Finally, GAMMA Investing LLC increased its position in Soleno Therapeutics by 4,377.3% in the 1st quarter. GAMMA Investing LLC now owns 3,358 shares of the company's stock worth $240,000 after buying an additional 3,283 shares during the period. 97.42% of the stock is owned by institutional investors.

Soleno Therapeutics Price Performance

SLNO stock traded up $2.63 during trading on Thursday, hitting $69.57. The company had a trading volume of 1,129,963 shares, compared to its average volume of 1,616,173. The company has a fifty day moving average price of $79.58 and a two-hundred day moving average price of $70.92. The company has a current ratio of 15.13, a quick ratio of 15.01 and a debt-to-equity ratio of 0.21. The company has a market cap of $3.70 billion, a P/E ratio of -16.80 and a beta of -2.72. Soleno Therapeutics, Inc. has a fifty-two week low of $41.50 and a fifty-two week high of $90.32.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.53) by $0.44. The company had revenue of $32.66 million during the quarter, compared to analyst estimates of $3.91 million. Equities research analysts expect that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Analyst Ratings Changes

SLNO has been the topic of several recent analyst reports. Guggenheim reaffirmed a "buy" rating and issued a $106.00 price target on shares of Soleno Therapeutics in a research report on Wednesday, August 27th. Wall Street Zen raised Soleno Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Oppenheimer lifted their price objective on Soleno Therapeutics from $105.00 to $110.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Cowen reissued a "buy" rating on shares of Soleno Therapeutics in a report on Thursday, August 7th. Finally, TD Cowen started coverage on Soleno Therapeutics in a report on Monday, June 23rd. They set a "buy" rating and a $110.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $115.09.

Insider Buying and Selling

In related news, insider Patricia C. Hirano sold 3,830 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $82.76, for a total value of $316,970.80. Following the sale, the insider owned 13,206 shares of the company's stock, valued at $1,092,928.56. The trade was a 22.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.40% of the stock is currently owned by corporate insiders.

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.