Soleno Therapeutics, Inc. $SLNO Shares Sold by Frazier Life Sciences Management L.P.

Key Points

• Frazier Life Sciences Management L.P. has sold 200,000 shares of Soleno Therapeutics, reducing its stake by 28.6%, and now holds 499,159 shares, making up approximately 1.6% of its investment portfolio.
• Soleno Therapeutics has reported a surprising earnings performance with a loss of ($0.09) per share, exceeding analyst estimates of ($0.53), and a revenue of $32.66 million, compared to expectations of $3.91 million.
• Analysts maintain a positive outlook on Soleno Therapeutics, with a consensus price target of $115.09 and multiple brokerages rating the stock as a 'Buy' or 'Outperform.'

Frazier Life Sciences Management L.P. cut its stake in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 28.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 499,159 shares of the company's stock after selling 200,000 shares during the quarter. Soleno Therapeutics makes up approximately 1.6% of Frazier Life Sciences Management L.P.'s holdings, making the stock its 15th biggest position. Frazier Life Sciences Management L.P. owned about 0.99% of Soleno Therapeutics worth $35,665,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. AlphaQuest LLC boosted its stake in Soleno Therapeutics by 37.5% in the 1st quarter. AlphaQuest LLC now owns 983 shares of the company's stock worth $70,000 after purchasing an additional 268 shares during the period. Quarry LP purchased a new stake in Soleno Therapeutics during the 1st quarter valued at $121,000. Avanza Fonder AB raised its holdings in 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. Tower Research Capital LLC TRC raised its holdings in Soleno Therapeutics by 811.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,304 shares of the company's stock valued at $193,000 after buying an additional 3,832 shares during the period. Finally, Oppenheimer & Co. Inc. purchased a new stake in Soleno Therapeutics in the first quarter worth $232,000. 97.42% of the stock is currently owned by institutional investors.

Soleno Therapeutics Trading Up 3.9%

Shares of SLNO stock traded up $2.63 on Thursday, hitting $69.57. The stock had a trading volume of 1,129,963 shares, compared to its average volume of 1,616,173. The company has a debt-to-equity ratio of 0.21, a current ratio of 15.13 and a quick ratio of 15.01. The firm has a market capitalization of $3.70 billion, a P/E ratio of -16.80 and a beta of -2.72. Soleno Therapeutics, Inc. has a 1 year low of $41.50 and a 1 year high of $90.32. The company's 50 day moving average price is $79.58 and its 200-day moving average price is $70.92.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.44. The firm had revenue of $32.66 million during the quarter, compared to analysts' expectations of $3.91 million. Analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Insiders Place Their Bets

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 3,830 shares of the company'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 sale, the insider owned 13,206 shares in the company, valued at $1,092,928.56. This represents a 22.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 6.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on SLNO. Wells Fargo & Company started coverage on Soleno Therapeutics in a research note on Wednesday, August 20th. They issued an "overweight" rating and a $123.00 target price on the stock. Robert W. Baird set a $121.00 price objective on Soleno Therapeutics and gave the company an "outperform" rating in a research report on Friday, July 11th. Guggenheim reaffirmed a "buy" rating and set a $106.00 price objective on shares of Soleno Therapeutics in a research report on Wednesday, August 27th. Oppenheimer increased their price target on Soleno Therapeutics from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Finally, Cowen reiterated a "buy" rating on shares of Soleno Therapeutics in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $115.09.

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.