Soleno Therapeutics, Inc. $SLNO Shares Sold by Affinity Asset Advisors LLC

Key Points

• Affinity Asset Advisors LLC reduced its stake in Soleno Therapeutics by 61.6%, ending up with 50,000 shares after selling 80,200 in Q1, valuing its holding at approximately $3.57 million.
• Insider Patricia C. Hirano sold 3,830 shares at an average price of $82.76, reducing her ownership by 22.48% to 13,206 shares valued at about $1.09 million.
• Soleno Therapeutics reported a significant earnings surprise with a loss of ($0.09) EPS, compared to analysts' expectations of ($0.53), and achieved revenue of $32.66 million against a forecast of $3.91 million.

Affinity Asset Advisors LLC lessened its stake in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 61.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,000 shares of the company's stock after selling 80,200 shares during the quarter. Affinity Asset Advisors LLC owned 0.10% of Soleno Therapeutics worth $3,572,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of SLNO. Janus Henderson Group PLC boosted its stake in Soleno Therapeutics by 27.1% during the fourth quarter. Janus Henderson Group PLC now owns 5,188,265 shares of the company's stock worth $233,130,000 after buying an additional 1,107,166 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Soleno Therapeutics by 47.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,400,418 shares of the company's stock worth $171,510,000 after buying an additional 769,700 shares during the period. Nantahala Capital Management LLC boosted its stake in Soleno Therapeutics by 20.1% during the fourth quarter. Nantahala Capital Management LLC now owns 3,928,966 shares of the company's stock worth $176,607,000 after buying an additional 658,518 shares during the period. Invesco Ltd. boosted its stake in Soleno Therapeutics by 3,789.4% during the first quarter. Invesco Ltd. now owns 467,193 shares of the company's stock worth $33,381,000 after buying an additional 455,181 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new position in Soleno Therapeutics during the first quarter worth about $31,046,000. Hedge funds and other institutional investors own 97.42% of the company's stock.

Analyst Upgrades and Downgrades

SLNO has been the topic of several research reports. Guggenheim reissued a "buy" rating and set a $106.00 price target on shares of Soleno Therapeutics in a research report on Wednesday. Oppenheimer increased their price target on shares of Soleno Therapeutics from $105.00 to $110.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Cowen reissued a "buy" rating on shares of Soleno Therapeutics in a research report on Thursday, August 7th. Wall Street Zen raised shares of Soleno Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Wells Fargo & Company initiated coverage on shares of Soleno Therapeutics in a research report on Wednesday, August 20th. They set an "overweight" rating and a $123.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the stock. Based on data from MarketBeat.com, Soleno Therapeutics has an average rating of "Buy" and a consensus target price of $115.09.

Insiders Place Their Bets

In related news, insider Patricia C. Hirano sold 3,830 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were 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. This trade represents a 22.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.40% of the stock is currently owned by company insiders.

Soleno Therapeutics Stock Up 1.1%

NASDAQ:SLNO traded up $0.73 during mid-day trading on Thursday, hitting $68.41. The stock had a trading volume of 762,246 shares, compared to its average volume of 1,657,499. The stock has a 50-day simple moving average of $81.11 and a two-hundred day simple moving average of $70.30. The company has a market capitalization of $3.64 billion, a PE ratio of -16.52 and a beta of -2.56. Soleno Therapeutics, Inc. has a twelve month low of $41.50 and a twelve month high of $90.32. The company has a current ratio of 15.13, a quick ratio of 15.01 and a debt-to-equity ratio of 0.21.

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

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.