Granahan Investment Management LLC Invests $2.32 Million in Soleno Therapeutics, Inc. $SLNO

Key Points

• Granahan Investment Management LLC acquired 32,491 shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) valued at approximately $2.3 million, representing a 0.06% ownership stake.
• Insider Patricia C. Hirano sold 3,830 shares of Soleno Therapeutics for about $317,000, resulting in a 22.48% reduction in her position.
• Soleno Therapeutics reported earnings of ($0.09) per share, significantly beating analysts' estimates, with revenue of $32.66 million for the quarter compared to an expected $3.91 million.

Granahan Investment Management LLC purchased a new position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 32,491 shares of the company's stock, valued at approximately $2,321,000. Granahan Investment Management LLC owned 0.06% of Soleno Therapeutics at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. AlphaQuest LLC grew its stake in Soleno Therapeutics by 37.5% during the 1st quarter. AlphaQuest LLC now owns 983 shares of the company's stock worth $70,000 after purchasing an additional 268 shares in the last quarter. Quarry LP purchased a new stake in Soleno Therapeutics during the 1st quarter worth about $121,000. Avanza Fonder AB increased its stake in Soleno Therapeutics by 14.8% in the first quarter. Avanza Fonder AB now owns 1,951 shares of the company's stock valued at $144,000 after purchasing an additional 251 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in shares of Soleno Therapeutics during the 1st quarter worth approximately $232,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Soleno Therapeutics by 4,377.3% in the 1st quarter. GAMMA Investing LLC now owns 3,358 shares of the company's stock valued at $240,000 after buying an additional 3,283 shares in the last quarter. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Soleno Therapeutics Price Performance

Soleno Therapeutics stock traded down $0.23 during midday trading on Thursday, reaching $59.80. 682,507 shares of the company were exchanged, compared to its average volume of 1,162,833. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.01 and a current ratio of 15.13. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of -14.47 and a beta of -2.72. The firm's 50-day simple moving average is $78.31 and its 200-day simple moving average is $71.50. 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 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 company had revenue of $32.66 million for the quarter, compared to analysts' expectations of $3.91 million. On average, analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Wall Street Analysts Forecast Growth

SLNO has been the subject of a number of research reports. Cowen reaffirmed a "buy" rating on shares of Soleno Therapeutics in a report on Thursday, August 7th. TD Cowen assumed coverage on Soleno Therapeutics in a report on Monday, June 23rd. They issued a "buy" rating and a $110.00 target price on the stock. Robert W. Baird set a $121.00 price objective on shares of Soleno Therapeutics and gave the company an "outperform" rating in a research note on Friday, July 11th. Wall Street Zen raised shares of Soleno Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, HC Wainwright reissued 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. One research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, Soleno Therapeutics has a consensus rating of "Buy" and a consensus 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.