Driehaus Capital Management LLC Invests $17.70 Million in Soleno Therapeutics, Inc. $SLNO

Key Points

• Driehaus Capital Management LLC made a new investment of approximately $17.70 million in Soleno Therapeutics, acquiring 247,737 shares during the first quarter.
• Research analysts have set optimistic price targets for Soleno Therapeutics, with ratings including "overweight" and price objectives ranging up to $123.00.
• Soleno Therapeutics reported better-than-expected quarterly earnings, with an EPS of ($0.09), significantly above the consensus estimate of ($0.53).

Driehaus Capital Management LLC bought a new stake in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 247,737 shares of the company's stock, valued at approximately $17,701,000. Driehaus Capital Management LLC owned 0.49% of Soleno Therapeutics as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Moody Aldrich Partners LLC raised its holdings in shares of Soleno Therapeutics by 0.7% during the 1st quarter. Moody Aldrich Partners LLC now owns 29,810 shares of the company's stock valued at $2,130,000 after buying an additional 196 shares during the period. Avanza Fonder AB raised its holdings in shares of Soleno Therapeutics by 14.8% during the 1st quarter. Avanza Fonder AB now owns 1,951 shares of the company's stock valued at $144,000 after buying an additional 251 shares during the period. AlphaQuest LLC raised its holdings in shares of Soleno Therapeutics by 37.5% during the 1st quarter. AlphaQuest LLC now owns 983 shares of the company's stock valued at $70,000 after buying an additional 268 shares during the period. SG Americas Securities LLC raised its holdings in shares of Soleno Therapeutics by 8.6% during the 1st quarter. SG Americas Securities LLC now owns 4,397 shares of the company's stock valued at $314,000 after buying an additional 350 shares during the period. Finally, Arizona State Retirement System raised its holdings in shares of Soleno Therapeutics by 9.2% during the 1st 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. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Soleno Therapeutics

In other news, insider Patricia C. Hirano sold 3,830 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $82.76, for a total value of $316,970.80. Following the sale, the insider owned 13,206 shares of the company's stock, valued at approximately $1,092,928.56. The trade was a 22.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 6.40% of the company's stock.

Soleno Therapeutics Stock Performance

SLNO stock traded down $0.74 during trading on Monday, reaching $67.67. 923,265 shares of the company's stock were exchanged, compared to its average volume of 1,631,449. The company has a quick ratio of 15.01, a current ratio of 15.13 and a debt-to-equity ratio of 0.21. Soleno Therapeutics, Inc. has a 1-year low of $41.50 and a 1-year high of $90.32. The company's fifty day moving average price is $80.58 and its 200-day moving average price is $70.83. The firm has a market cap of $3.60 billion, a PE ratio of -16.35 and a beta of -2.71.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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. On average, research analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on SLNO shares. Wall Street Zen upgraded Soleno Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Wells Fargo & Company started coverage on Soleno Therapeutics in a research note on Wednesday, August 20th. They set an "overweight" rating and a $123.00 target price for the company. HC Wainwright reiterated a "buy" rating and set a $110.00 target price (up from $100.00) on shares of Soleno Therapeutics in a research note on Monday, August 18th. Cowen reiterated a "buy" rating on shares of Soleno Therapeutics in a research note on Thursday, August 7th. Finally, TD Cowen started coverage on Soleno Therapeutics in a research note on Monday, June 23rd. They set a "buy" rating and a $110.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $115.09.

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.