Invesco Ltd. Purchases 455,181 Shares of Soleno Therapeutics, Inc. $SLNO

Key Points

• Invesco Ltd. significantly increased its stake in Soleno Therapeutics by 3,789.4% during the first quarter, acquiring an additional 455,181 shares and owning a total of 467,193 shares valued at approximately $33.38 million.
• Multiple analysts have raised their price targets for Soleno Therapeutics, with Piper Sandler increasing its target from $93 to $145, while the consensus rating remains a "Buy" with an average target price of $114.30.
• Soleno Therapeutics reported earnings of ($0.09) per share, exceeding expectations by $0.44, with quarterly revenues significantly surpassing estimates at $32.66 million compared to $3.91 million predicted.

Invesco Ltd. boosted its position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 3,789.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 467,193 shares of the company's stock after purchasing an additional 455,181 shares during the quarter. Invesco Ltd. owned about 0.93% of Soleno Therapeutics worth $33,381,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Moody Aldrich Partners LLC grew its position in 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 purchasing an additional 196 shares during the last quarter. Avanza Fonder AB grew its position 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 purchasing an additional 251 shares during the last quarter. SG Americas Securities LLC grew its position in 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 purchasing an additional 350 shares during the last quarter. Summit Investment Advisors Inc. grew its position in Soleno Therapeutics by 24.2% during the 4th 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 grew its position in 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 purchasing an additional 620 shares during the last quarter. 97.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Soleno Therapeutics

In other news, insider Patricia C. Hirano sold 3,830 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $82.76, for a total value of $316,970.80. Following the transaction, 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 at this link. 6.40% of the stock is owned by company insiders.

Soleno Therapeutics Stock Performance

Shares of NASDAQ:SLNO traded down $1.21 during trading on Friday, hitting $68.59. The company's stock had a trading volume of 681,064 shares, compared to its average volume of 1,130,104. The company has a 50-day moving average of $82.16 and a 200-day moving average of $69.69. Soleno Therapeutics, Inc. has a 12 month low of $41.50 and a 12 month high of $90.32. 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 cap of $3.65 billion, a price-to-earnings ratio of -16.61 and a beta of -2.56.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.44. The business had revenue of $32.66 million during the quarter, compared to the consensus estimate of $3.91 million. On average, sell-side analysts expect that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on SLNO shares. Wall Street Zen raised shares of Soleno Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Oppenheimer increased their price objective on shares of Soleno Therapeutics from $105.00 to $110.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Piper Sandler raised their price target on shares of Soleno Therapeutics from $93.00 to $145.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. TD Cowen started coverage on shares of Soleno Therapeutics in a report on Monday, June 23rd. They set a "buy" rating and a $110.00 price target on the stock. Finally, Cowen reaffirmed a "buy" rating on shares of Soleno Therapeutics in a report on Thursday, August 7th. One equities 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.com, Soleno Therapeutics currently has a consensus 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.