Allostery Investments LP Invests $1.43 Million in Soleno Therapeutics, Inc. $SLNO

Key Points

• Allostery Investments LP invested approximately $1.43 million in Soleno Therapeutics, acquiring 20,000 shares, which constitutes 2.1% of its portfolio.
• Several institutional investors increased their stakes in Soleno, with Tower Research Capital boosting its investment by 811.9% to own 4,304 shares.
• Soleno Therapeutics recently reported earnings of ($0.09) per share, surpassing estimates, and achieved revenue of $32.66 million in the last quarter.

Allostery Investments LP bought a new position in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 20,000 shares of the company's stock, valued at approximately $1,429,000. Soleno Therapeutics makes up 2.1% of Allostery Investments LP's portfolio, making the stock its 15th largest holding.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC boosted its stake in shares of Soleno Therapeutics by 811.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,304 shares of the company's stock valued at $193,000 after purchasing an additional 3,832 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Soleno Therapeutics by 17.8% in the 4th quarter. Northern Trust Corp now owns 226,889 shares of the company's stock valued at $10,199,000 after purchasing an additional 34,309 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Soleno Therapeutics by 25.9% in the 4th quarter. Ameriprise Financial Inc. now owns 35,106 shares of the company's stock valued at $1,578,000 after purchasing an additional 7,223 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Soleno Therapeutics in the 4th quarter valued at $3,206,000. Finally, Crestline Management LP purchased a new stake in shares of Soleno Therapeutics in the 4th quarter valued at $582,000. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Cowen reiterated a "buy" rating on shares of Soleno Therapeutics in a report on Thursday, August 7th. Wells Fargo & Company assumed coverage on shares of Soleno Therapeutics in a research note on Wednesday, August 20th. They issued an "overweight" rating and a $123.00 price target for the company. Oppenheimer increased their price objective on shares of Soleno Therapeutics from $105.00 to $110.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. TD Cowen began coverage on shares of Soleno Therapeutics in a report on Monday, June 23rd. They set a "buy" rating and a $110.00 price target on the stock. Finally, Wall Street Zen raised shares of Soleno Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $115.09.

Insiders Place Their Bets

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 3,830 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $82.76, for a total transaction of $316,970.80. Following the transaction, the insider owned 13,206 shares in the company, valued at $1,092,928.56. The trade was a 22.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 6.40% of the stock is owned by company insiders.

Soleno Therapeutics Trading Down 0.7%

Shares of SLNO opened at $67.22 on Wednesday. The company's fifty day moving average is $80.25 and its 200 day moving average is $70.81. Soleno Therapeutics, Inc. has a fifty-two week low of $41.50 and a fifty-two week high of $90.32. The stock has a market capitalization of $3.57 billion, a PE ratio of -16.24 and a beta of -2.72. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.01 and a current ratio of 15.13.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.44. The business had revenue of $32.66 million during the quarter, compared to the consensus estimate of $3.91 million. Sell-side analysts expect 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.

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