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

Several other institutional investors and hedge funds have also added to or reduced their stakes in SLNO. Moody Aldrich Partners LLC boosted its stake in Soleno Therapeutics by 0.7% in the first quarter. Moody Aldrich Partners LLC now owns 29,810 shares of the company's stock valued at $2,130,000 after acquiring an additional 196 shares during the last quarter. Avanza Fonder AB boosted 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 purchasing an additional 251 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Soleno Therapeutics by 8.6% during the first quarter. SG Americas Securities LLC now owns 4,397 shares of the company's stock worth $314,000 after purchasing an additional 350 shares during the period. Summit Investment Advisors Inc. increased its holdings in Soleno Therapeutics by 24.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,677 shares of the company's stock valued at $120,000 after purchasing an additional 522 shares during the last quarter. Finally, Arizona State Retirement System lifted its stake in Soleno Therapeutics by 9.2% in the first quarter. Arizona State Retirement System now owns 7,380 shares of the company's stock valued at $527,000 after buying an additional 620 shares during the period. Institutional investors and hedge funds own 97.42% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. 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. HC Wainwright restated a "buy" rating and set a $100.00 price objective on shares of Soleno Therapeutics in a report on Tuesday, April 15th. Robert W. Baird set a $121.00 target price on shares of Soleno Therapeutics and gave the company an "outperform" rating in a research note on Friday, July 11th. TD Cowen initiated coverage on shares of Soleno Therapeutics in a research report on Monday, June 23rd. They set a "buy" rating and a $110.00 price target on the stock. Finally, Oppenheimer boosted their price target on shares of Soleno Therapeutics from $105.00 to $110.00 and gave the company an "outperform" rating in a report on Thursday. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $113.30.

Insider Buying and Selling at Soleno Therapeutics

In other news, insider Patricia C. Hirano sold 3,830 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 13,206 shares of the company's stock, valued at $1,092,928.56. This trade represents a 22.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.40% of the stock is owned by corporate insiders.

Soleno Therapeutics Stock Up 4.6%

SLNO stock traded up $3.64 during mid-day trading on Friday, hitting $82.35. 1,068,500 shares of the company were exchanged, compared to its average volume of 1,254,333. The company has a debt-to-equity ratio of 0.21, a quick ratio of 19.64 and a current ratio of 15.13. The firm has a market cap of $4.38 billion, a P/E ratio of -19.89 and a beta of -2.56. The firm's 50 day simple moving average is $82.66 and its 200 day simple moving average is $68.21. Soleno Therapeutics, Inc. has a 1-year low of $41.50 and a 1-year high of $90.32.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.53) by $0.44. The company had revenue of $32.66 million for the quarter, compared to analyst estimates of $3.91 million. On average, sell-side analysts predict that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

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.