CenterBook Partners LP Sells 13,782 Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Key Points

• CenterBook Partners LP reduced its stake in Soleno Therapeutics by 45.7% in the first quarter, now holding 16,354 shares valued at approximately $1.17 million.
• Insider Patricia C. Hirano sold 3,830 shares of Soleno Therapeutics, decreasing her ownership by 22.48%, following a transaction valued at around $316,970.80.
• Several analysts have raised their price targets for Soleno Therapeutics, with Guggenheim setting a target at $106.00 and Piper Sandler at $145.00, reflecting a consensus of overall buy ratings.

CenterBook Partners LP reduced its stake in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 45.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,354 shares of the company's stock after selling 13,782 shares during the quarter. CenterBook Partners LP's holdings in Soleno Therapeutics were worth $1,168,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its holdings in shares of Soleno Therapeutics by 27.1% during the fourth quarter. Janus Henderson Group PLC now owns 5,188,265 shares of the company's stock valued at $233,130,000 after purchasing an additional 1,107,166 shares during the period. Nantahala Capital Management LLC increased its holdings in shares of Soleno Therapeutics by 20.1% during the fourth quarter. Nantahala Capital Management LLC now owns 3,928,966 shares of the company's stock valued at $176,607,000 after purchasing an additional 658,518 shares during the period. Avoro Capital Advisors LLC increased its holdings in shares of Soleno Therapeutics by 15.8% during the fourth quarter. Avoro Capital Advisors LLC now owns 2,525,000 shares of the company's stock valued at $113,499,000 after purchasing an additional 344,000 shares during the period. Vanguard Group Inc. increased its holdings in shares of Soleno Therapeutics by 19.2% during the fourth quarter. Vanguard Group Inc. now owns 1,884,533 shares of the company's stock valued at $84,710,000 after purchasing an additional 303,806 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Soleno Therapeutics by 24.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,630,718 shares of the company's stock valued at $73,301,000 after buying an additional 321,223 shares during the period. 97.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SLNO has been the subject of several research analyst reports. Wall Street Zen upgraded Soleno Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Piper Sandler upped their price objective on Soleno Therapeutics from $93.00 to $145.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. HC Wainwright restated a "buy" rating and issued a $100.00 price objective on shares of Soleno Therapeutics in a report on Tuesday, April 15th. Guggenheim upped their price objective on Soleno Therapeutics from $97.00 to $106.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Cowen restated a "buy" rating on shares of Soleno Therapeutics in a report on Thursday. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $113.30.

Soleno Therapeutics Stock Down 2.1%

Soleno Therapeutics stock traded down $1.82 during mid-day trading on Tuesday, hitting $83.94. The company's stock had a trading volume of 383,605 shares, compared to its average volume of 1,063,301. The firm's 50 day moving average is $82.86 and its 200 day moving average is $68.62. The company has a market cap of $4.46 billion, a PE ratio of -20.27 and a beta of -2.56. The company has a debt-to-equity ratio of 0.21, a current ratio of 15.13 and a quick ratio of 15.01. Soleno Therapeutics, Inc. has a 52-week low of $41.50 and a 52-week high of $90.32.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.09) earnings per share (EPS) 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 analysts' expectations of $3.91 million. On average, analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Insider Activity

In other 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 transaction of $316,970.80. Following the completion of the sale, the insider directly owned 13,206 shares in the company, valued at $1,092,928.56. The trade was a 22.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 6.40% of the stock is currently owned by corporate insiders.

Soleno Therapeutics Company 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.