Soleno Therapeutics, Inc. (NASDAQ:SLNO) Stake Boosted by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 345.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 302,664 shares of the company's stock after acquiring an additional 234,649 shares during the period. Bank of New York Mellon Corp owned approximately 0.61% of Soleno Therapeutics worth $21,625,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of SLNO. Charles Schwab Investment Management Inc. increased its holdings in shares of Soleno Therapeutics by 13.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 217,550 shares of the company's stock worth $9,779,000 after acquiring an additional 24,953 shares during the period. AlphaQuest LLC increased its holdings in shares of Soleno Therapeutics by 1,154.4% in the 4th quarter. AlphaQuest LLC now owns 715 shares of the company's stock worth $32,000 after acquiring an additional 658 shares during the period. Swiss National Bank increased its holdings in shares of Soleno Therapeutics by 27.5% in the 4th quarter. Swiss National Bank now owns 45,900 shares of the company's stock worth $2,063,000 after acquiring an additional 9,900 shares during the period. Teacher Retirement System of Texas raised its stake in shares of Soleno Therapeutics by 50.0% during the fourth quarter. Teacher Retirement System of Texas now owns 6,931 shares of the company's stock valued at $312,000 after purchasing an additional 2,309 shares in the last quarter. Finally, Sei Investments Co. raised its stake in shares of Soleno Therapeutics by 47.0% during the fourth quarter. Sei Investments Co. now owns 16,444 shares of the company's stock valued at $739,000 after purchasing an additional 5,258 shares in the last quarter. Institutional investors and hedge funds own 97.42% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Stifel Nicolaus lifted their price objective on shares of Soleno Therapeutics from $74.00 to $108.00 and gave the company a "buy" rating in a research note on Friday, March 28th. Piper Sandler lifted their price objective on shares of Soleno Therapeutics from $93.00 to $145.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. Laidlaw lifted their price objective on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the company a "buy" rating in a research note on Thursday, March 27th. UBS Group set a $105.00 price objective on shares of Soleno Therapeutics in a research note on Thursday, March 27th. Finally, Guggenheim lifted their price objective on shares of Soleno Therapeutics from $81.00 to $97.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $108.70.

Insiders Place Their Bets

In related news, insider Patricia C. Hirano sold 3,830 shares of Soleno Therapeutics stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $82.76, for a total value of $316,970.80. Following the transaction, the insider owned 13,206 shares of the company's stock, valued at approximately $1,092,928.56. This trade represents a 22.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.40% of the company's stock.

Soleno Therapeutics Price Performance

NASDAQ:SLNO traded down $0.23 during mid-day trading on Monday, reaching $86.97. 840,351 shares of the stock were exchanged, compared to its average volume of 856,270. The business has a fifty day moving average price of $79.81 and a 200 day moving average price of $64.30. The firm has a market capitalization of $4.38 billion, a PE ratio of -18.82 and a beta of -2.63. Soleno Therapeutics, Inc. has a 1-year low of $41.50 and a 1-year high of $90.32. The company has a current ratio of 19.64, a quick ratio of 19.64 and a debt-to-equity ratio of 0.21.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.95) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.14) by $0.19. Research 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.