Bank of New York Mellon Corp Grows Holdings in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

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 filing with the Securities and Exchange Commission (SEC). The institutional investor owned 302,664 shares of the company's stock after purchasing 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 hedge funds also recently bought and sold shares of SLNO. Janus Henderson Group PLC boosted its stake in Soleno Therapeutics by 27.1% in the 4th quarter. Janus Henderson Group PLC now owns 5,188,265 shares of the company's stock worth $233,130,000 after purchasing an additional 1,107,166 shares in the last quarter. Nantahala Capital Management LLC boosted its stake in Soleno Therapeutics by 20.1% in the 4th quarter. Nantahala Capital Management LLC now owns 3,928,966 shares of the company's stock worth $176,607,000 after purchasing an additional 658,518 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Soleno Therapeutics in the 1st quarter worth about $31,046,000. Avoro Capital Advisors LLC boosted its stake in Soleno Therapeutics by 15.8% in the 4th quarter. Avoro Capital Advisors LLC now owns 2,525,000 shares of the company's stock worth $113,499,000 after purchasing an additional 344,000 shares in the last quarter. Finally, Vestal Point Capital LP boosted its stake in Soleno Therapeutics by 47.2% in the 4th quarter. Vestal Point Capital LP now owns 1,060,000 shares of the company's stock worth $47,647,000 after purchasing an additional 340,000 shares in the last quarter. Institutional investors own 97.42% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. TD Cowen assumed coverage on shares of Soleno Therapeutics in a research note on Monday, June 23rd. They issued a "buy" rating and a $110.00 price target on the stock. Cowen assumed coverage on Soleno Therapeutics in a research report on Monday, June 23rd. They issued a "buy" rating for the company. Laidlaw boosted their target price on Soleno Therapeutics from $75.00 to $105.00 and gave the stock a "buy" rating in a research report on Thursday, March 27th. UBS Group set a $105.00 target price on Soleno Therapeutics in a research report on Thursday, March 27th. Finally, Piper Sandler boosted their target price on Soleno Therapeutics from $93.00 to $145.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $108.70.

Insider Transactions at Soleno Therapeutics

In related news, insider Patricia C. Hirano sold 3,830 shares of the 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 completion of the sale, the insider directly owned 13,206 shares of the company's stock, valued at approximately $1,092,928.56. This represents 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. Corporate insiders own 6.40% of the company's stock.

Soleno Therapeutics Stock Performance

Shares of NASDAQ SLNO traded down $0.44 during midday trading on Friday, hitting $87.20. 1,187,600 shares of the company's stock traded hands, compared to its average volume of 851,184. Soleno Therapeutics, Inc. has a 1 year low of $41.50 and a 1 year high of $90.32. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of -18.87 and a beta of -2.63. The company has a debt-to-equity ratio of 0.21, a quick ratio of 19.64 and a current ratio of 19.64. The firm has a fifty day moving average of $79.60 and a 200 day moving average of $63.75.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.95) EPS for the quarter, beating the consensus estimate of ($1.14) by $0.19. On average, analysts forecast that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current 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.