Lord Abbett & CO. LLC Makes New Investment in Soleno Therapeutics, Inc. $SLNO

Key Points

• Lord Abbett & CO. LLC made a new investment in Soleno Therapeutics, buying 55,061 shares valued at approximately $3.93 million, indicating institutional interest in the company.
• Analysts have recently raised their price targets for Soleno Therapeutics, with Guggenheim setting a new target of $106.00 and Piper Sandler raising theirs to $145.00, reflecting strong optimism surrounding the stock.
• In its latest earnings report, Soleno Therapeutics reported a positive earnings per share of ($0.09), significantly beating estimates and generating revenue of $32.66 million, surpassing analyst expectations.

Lord Abbett & CO. LLC acquired a new position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 55,061 shares of the company's stock, valued at approximately $3,934,000. Lord Abbett & CO. LLC owned approximately 0.11% of Soleno Therapeutics at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SLNO. Janus Henderson Group PLC increased its position in 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 purchasing an additional 1,107,166 shares in the last quarter. Nantahala Capital Management LLC increased its position in Soleno Therapeutics by 20.1% during the 4th quarter. Nantahala Capital Management LLC now owns 3,928,966 shares of the company's stock worth $176,607,000 after purchasing an additional 658,518 shares in the last quarter. Invesco Ltd. increased its position in Soleno Therapeutics by 3,789.4% during the 1st quarter. Invesco Ltd. now owns 467,193 shares of the company's stock worth $33,381,000 after purchasing an additional 455,181 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Soleno Therapeutics during the 1st quarter worth about $31,046,000. Finally, Avoro Capital Advisors LLC increased its position in Soleno Therapeutics by 15.8% during the 4th quarter. Avoro Capital Advisors LLC now owns 2,525,000 shares of the company's stock worth $113,499,000 after purchasing an additional 344,000 shares in the last quarter. Hedge funds and other institutional investors own 97.42% of the company's stock.

Soleno Therapeutics Stock Up 3.2%

NASDAQ SLNO traded up $2.13 on Wednesday, reaching $68.94. The company had a trading volume of 1,393,953 shares, compared to its average volume of 1,131,926. The firm has a market capitalization of $3.66 billion, a PE ratio of -16.65 and a beta of -2.56. Soleno Therapeutics, Inc. has a 1 year low of $41.50 and a 1 year high of $90.32. The firm has a 50-day moving average of $82.58 and a 200-day moving average of $69.55. The company has a debt-to-equity ratio of 0.21, a current ratio of 15.13 and a quick ratio of 15.01.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.53) by $0.44. The business had revenue of $32.66 million during the quarter, compared to analyst estimates of $3.91 million. On average, equities research analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Guggenheim upped their price objective on shares of Soleno Therapeutics from $97.00 to $106.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Oppenheimer upped their price objective on shares of Soleno Therapeutics from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Wells Fargo & Company assumed coverage on shares of Soleno Therapeutics in a research note on Wednesday. They set an "overweight" rating and a $123.00 price objective for the company. TD Cowen initiated coverage on shares of Soleno Therapeutics in a research note on Monday, June 23rd. They set a "buy" rating and a $110.00 price objective for the company. Finally, Wall Street Zen upgraded Soleno Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. According to MarketBeat, Soleno Therapeutics presently has a consensus rating of "Buy" and an average target price of $115.09.

Insider Activity

In related news, insider Patricia C. Hirano sold 3,830 shares of the company's stock in a transaction that occurred on 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 directly owned 13,206 shares of the company's stock, valued at approximately $1,092,928.56. This represents a 22.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.40% of the company's stock.

Soleno Therapeutics Company 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.