Assenagon Asset Management S.A. Lowers Position in Soleno Therapeutics, Inc. $SLNO

Key Points

• Assenagon Asset Management S.A. has reduced its stake in Soleno Therapeutics by 42.4%, now owning 250,441 shares valued at approximately $20.98 million.
• Insider Patricia C. Hirano sold 3,830 shares in July, reflecting a 22.48% decrease in her position, with her remaining shares valued at around $1.09 million.
• Equities analysts have a consensus rating of "Buy" on Soleno Therapeutics, with a target price averaging $115.09 based on multiple recent upgrades and new coverage from various firms.

Assenagon Asset Management S.A. lowered its stake in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 42.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 250,441 shares of the company's stock after selling 184,073 shares during the period. Assenagon Asset Management S.A. owned about 0.50% of Soleno Therapeutics worth $20,982,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in SLNO. AlphaQuest LLC raised its position in shares of Soleno Therapeutics by 37.5% in the first quarter. AlphaQuest LLC now owns 983 shares of the company's stock valued at $70,000 after buying an additional 268 shares during the last quarter. Quarry LP acquired a new stake in shares of Soleno Therapeutics in the first quarter worth $121,000. Avanza Fonder AB lifted its position in shares of 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 last quarter. Oppenheimer & Co. Inc. bought a new stake in Soleno Therapeutics in the 1st quarter valued at about $232,000. Finally, GAMMA Investing LLC lifted 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 valued at $240,000 after purchasing an additional 3,283 shares during the last quarter. Hedge funds and other institutional investors own 97.42% of the company's stock.

Insider Buying and Selling at Soleno Therapeutics

In related news, insider Patricia C. Hirano sold 3,830 shares of Soleno Therapeutics 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 approximately $1,092,928.56. The trade was a 22.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have commented on SLNO shares. TD Cowen started coverage on shares of Soleno Therapeutics in a research note on Monday, June 23rd. They set a "buy" rating and a $110.00 target price on the stock. Lifesci Capital raised shares of Soleno Therapeutics to a "strong-buy" rating in a research note on Wednesday, September 10th. Cowen reissued a "buy" rating on shares of Soleno Therapeutics in a research note on Thursday, August 7th. HC Wainwright reissued a "buy" rating and set a $110.00 target price (up previously from $100.00) on shares of Soleno Therapeutics in a research note on Monday, August 18th. Finally, Wells Fargo & Company started coverage on shares of Soleno Therapeutics in a research note on Wednesday, August 20th. They set an "overweight" rating and a $123.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $115.09.

Soleno Therapeutics Stock Performance

Shares of NASDAQ SLNO opened at $56.58 on Tuesday. The stock's 50-day moving average is $73.37 and its 200 day moving average is $72.33. 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, Inc. has a 1-year low of $41.50 and a 1-year high of $90.32. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of -13.67 and a beta of -2.71.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its quarterly 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 for the quarter, compared to the consensus estimate of $3.91 million. On average, sell-side analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 EPS 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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