Soleno Therapeutics, Inc. $SLNO Position Boosted by Comerica Bank

Key Points

• Comerica Bank has increased its holdings in Soleno Therapeutics, Inc. by 55.2% in the first quarter, acquiring an additional 66,880 shares, bringing its total to 188,093 shares valued at approximately $13.4 million.
• Soleno Therapeutics reported earnings of ($0.09) EPS for the last quarter, significantly outperforming analyst estimates of ($0.53) EPS, with revenue of $32.66 million compared to expectations of $3.91 million.
• HC Wainwright has set a target price of $110.00 for Soleno Therapeutics, indicating a positive outlook with several analysts rating the stock as a "buy" or "outperform".

Comerica Bank lifted its position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 55.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 188,093 shares of the company's stock after buying an additional 66,880 shares during the period. Comerica Bank owned approximately 0.37% of Soleno Therapeutics worth $13,439,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Janus Henderson Group PLC increased its holdings in shares of Soleno Therapeutics by 27.1% during the 4th quarter. Janus Henderson Group PLC now owns 5,188,265 shares of the company's stock worth $233,130,000 after buying an additional 1,107,166 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Soleno Therapeutics by 47.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,400,418 shares of the company's stock worth $171,510,000 after buying an additional 769,700 shares during the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of Soleno Therapeutics by 37.4% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,211,245 shares of the company's stock worth $86,543,000 after buying an additional 329,785 shares during the last quarter. Vestal Point Capital LP increased its holdings in shares of Soleno Therapeutics by 47.2% during the 4th quarter. Vestal Point Capital LP now owns 1,060,000 shares of the company's stock worth $47,647,000 after buying an additional 340,000 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in Soleno Therapeutics by 14.5% in the 4th quarter. Wellington Management Group LLP now owns 782,265 shares of the company's stock valued at $35,163,000 after purchasing an additional 99,095 shares in the last quarter. 97.42% of the stock is currently owned by institutional investors and hedge funds.

Soleno Therapeutics Stock Down 1.1%

Shares of Soleno Therapeutics stock traded down $0.74 during trading hours on Friday, hitting $67.67. 923,265 shares of the company's stock traded hands, compared to its average volume of 1,637,130. The stock has a 50 day simple moving average of $80.86 and a 200-day simple moving average of $70.43. The company has a quick ratio of 15.01, a current ratio of 15.13 and a debt-to-equity ratio of 0.21. The company has a market cap of $3.60 billion, a PE ratio of -16.35 and a beta of -2.56. Soleno Therapeutics, Inc. has a twelve month low of $41.50 and a twelve month 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) earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.44. The business had revenue of $32.66 million for the quarter, compared to analyst estimates of $3.91 million. Equities research analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on SLNO. TD Cowen began coverage on Soleno Therapeutics in a report on Monday, June 23rd. They issued a "buy" rating and a $110.00 price target for the company. Guggenheim reiterated a "buy" rating and issued a $106.00 price target on shares of Soleno Therapeutics in a report on Wednesday. Wall Street Zen upgraded Soleno Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. HC Wainwright reiterated a "buy" rating and issued a $110.00 price target (up from $100.00) on shares of Soleno Therapeutics in a report on Monday, August 18th. Finally, Cowen reiterated a "buy" rating on shares of Soleno Therapeutics in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company's stock. According to MarketBeat, Soleno Therapeutics has a consensus rating of "Buy" and a consensus price target of $115.09.

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 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. This trade represents a 22.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.40% of the stock is owned by corporate insiders.

About Soleno Therapeutics

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.