Price T Rowe Associates Inc. MD Increases Stock Holdings in Soleno Therapeutics, Inc. $SLNO

Key Points

• Price T Rowe Associates Inc. increased its stake in Soleno Therapeutics by 47.2% during the first quarter, now owning approximately 4.76% of the company valued at about $171.5 million.
• Several hedge funds, including Janus Henderson Group and Invesco Ltd., also significantly raised their stakes in Soleno Therapeutics, indicating strong institutional interest.
• Soleno Therapeutics reported a quarterly EPS of ($0.09), surpassing analyst estimates, with revenues of $32.66 million, far exceeding expected figures.

Price T Rowe Associates Inc. MD raised its stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 47.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,400,418 shares of the company's stock after acquiring an additional 769,700 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 4.76% of Soleno Therapeutics worth $171,510,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in SLNO. Janus Henderson Group PLC raised its holdings in shares of Soleno Therapeutics by 27.1% in the fourth quarter. Janus Henderson Group PLC now owns 5,188,265 shares of the company's stock worth $233,130,000 after acquiring an additional 1,107,166 shares during the last quarter. Nantahala Capital Management LLC grew its position in shares of Soleno Therapeutics by 20.1% in the fourth quarter. Nantahala Capital Management LLC now owns 3,928,966 shares of the company's stock valued at $176,607,000 after purchasing an additional 658,518 shares during the period. Invesco Ltd. grew its position in shares of Soleno Therapeutics by 3,789.4% in the first quarter. Invesco Ltd. now owns 467,193 shares of the company's stock valued at $33,381,000 after purchasing an additional 455,181 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Soleno Therapeutics in the first quarter valued at $31,046,000. Finally, Vestal Point Capital LP grew its position in shares of Soleno Therapeutics by 47.2% in the fourth quarter. Vestal Point Capital LP now owns 1,060,000 shares of the company's stock valued at $47,647,000 after purchasing an additional 340,000 shares during the period. 97.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Wells Fargo & Company assumed coverage on Soleno Therapeutics in a research report on Wednesday, August 20th. They issued an "overweight" rating and a $123.00 price objective for the company. Wall Street Zen raised Soleno Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Cowen reaffirmed a "buy" rating on shares of Soleno Therapeutics in a research report on Thursday, August 7th. TD Cowen assumed coverage on Soleno Therapeutics in a research report on Monday, June 23rd. They issued a "buy" rating and a $110.00 price objective for the company. Finally, Guggenheim reaffirmed a "buy" rating and issued a $106.00 price objective on shares of Soleno Therapeutics in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $115.09.

Soleno Therapeutics Trading Down 2.8%

SLNO stock traded down $1.93 during trading on Wednesday, reaching $67.68. 1,069,716 shares of the stock traded hands, compared to its average volume of 1,677,345. The business's 50 day moving average price is $81.33 and its 200-day moving average price is $70.18. Soleno Therapeutics, Inc. has a 52-week low of $41.50 and a 52-week 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 capitalization of $3.60 billion, a PE ratio of -16.35 and a beta of -2.56.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last posted its quarterly 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 firm had revenue of $32.66 million for the quarter, compared to analysts' expectations of $3.91 million. As a group, sell-side analysts forecast that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Insider Activity at Soleno Therapeutics

In related news, insider Patricia C. Hirano sold 3,830 shares of the firm'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 directly owned 13,206 shares in the company, valued at approximately $1,092,928.56. This trade represents a 22.48% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 6.40% of the company's stock.

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.