Rafferty Asset Management LLC Decreases Position in Soleno Therapeutics, Inc. $SLNO

Key Points

• Rafferty Asset Management LLC reduced its stake in Soleno Therapeutics by 30.3%, selling 20,127 shares and retaining 46,353 shares worth approximately $3.31 million.
• Despite Rafferty's decrease, other institutional investors increased their holdings, with Price T Rowe Associates boosting its stake by 47.2%, representing a market capitalization of $171.51 million.
• Analysts have a generally positive outlook on Soleno Therapeutics, with an average rating of "Buy" and a price target averaging $115.09, following recent earnings that exceeded expectations.

Rafferty Asset Management LLC lowered its stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 30.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 46,353 shares of the company's stock after selling 20,127 shares during the period. Rafferty Asset Management LLC owned 0.09% of Soleno Therapeutics worth $3,312,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in SLNO. AlphaQuest LLC boosted its stake in Soleno Therapeutics by 37.5% during the 1st quarter. AlphaQuest LLC now owns 983 shares of the company's stock valued at $70,000 after purchasing an additional 268 shares during the last quarter. Avanza Fonder AB boosted its stake 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. Tower Research Capital LLC TRC boosted its stake 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 purchasing an additional 3,832 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in Soleno Therapeutics during the 1st quarter valued at $232,000. Finally, GAMMA Investing LLC boosted its stake in Soleno Therapeutics by 4,377.3% during the 1st quarter. GAMMA Investing LLC now owns 3,358 shares of the company's stock valued at $240,000 after purchasing an additional 3,283 shares during the last quarter. Hedge funds and other institutional investors own 97.42% of the company's stock.

Soleno Therapeutics Price Performance

SLNO stock traded down $0.74 during mid-day trading on Monday, reaching $67.67. The company's stock had a trading volume of 923,265 shares, compared to its average volume of 1,631,449. The company's 50 day moving average is $80.58 and its two-hundred day moving average is $70.83. The stock has a market cap of $3.60 billion, a PE ratio of -16.35 and a beta of -2.71. The company has a current ratio of 15.13, a quick ratio of 15.01 and a debt-to-equity ratio of 0.21. Soleno Therapeutics, Inc. has a fifty-two week low of $41.50 and a fifty-two week high of $90.32.

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 for the quarter, topping analysts' consensus estimates 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. Equities research analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Insider Buying and Selling at Soleno Therapeutics

In related 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 transaction of $316,970.80. Following the completion of the transaction, the insider owned 13,206 shares of the company's stock, valued at approximately $1,092,928.56. This trade represents a 22.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 6.40% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on SLNO shares. Oppenheimer increased their target price on Soleno Therapeutics from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. HC Wainwright reaffirmed a "buy" rating and issued a $110.00 target price (up from $100.00) on shares of Soleno Therapeutics in a report on Monday, August 18th. Wells Fargo & Company initiated coverage on Soleno Therapeutics in a report on Wednesday, August 20th. They issued an "overweight" rating and a $123.00 target price on the stock. Wall Street Zen upgraded Soleno Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Guggenheim restated a "buy" rating and set a $106.00 target price on shares of Soleno Therapeutics in a research report on Wednesday, August 27th. One 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, the company has an average rating of "Buy" and a consensus target price of $115.09.

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.