Resolute Capital Asset Partners LLC Purchases Shares of 40,000 Soleno Therapeutics, Inc. $SLNO

Key Points

• Resolute Capital Asset Partners LLC has acquired 40,000 shares of Soleno Therapeutics, valued at approximately $2.86 million, making it the 23rd largest position in their investment portfolio.
• Several hedge funds, including Legal & General Group Plc and GAMMA Investing LLC, have recently increased their stakes in Soleno Therapeutics, reflecting strong institutional interest with over 97% ownership by institutional investors.
• Analysts have a generally positive outlook on Soleno Therapeutics, with an average rating of "Buy" and a target price of $115.09, indicating potential upside from current levels.

Resolute Capital Asset Partners LLC purchased a new stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 40,000 shares of the company's stock, valued at approximately $2,858,000. Soleno Therapeutics comprises 1.6% of Resolute Capital Asset Partners LLC's investment portfolio, making the stock its 23rd biggest position. Resolute Capital Asset Partners LLC owned about 0.08% of Soleno Therapeutics at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Legal & General Group Plc boosted its holdings in shares of Soleno Therapeutics by 9.2% in the 4th quarter. Legal & General Group Plc now owns 23,471 shares of the company's stock valued at $1,055,000 after purchasing an additional 1,983 shares during the last quarter. GAMMA Investing LLC raised its stake 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 acquiring an additional 3,283 shares during the period. Oppenheimer & Co. Inc. purchased a new position in shares of Soleno Therapeutics in the 1st quarter valued at $232,000. Mutual of America Capital Management LLC purchased a new position in shares of Soleno Therapeutics in the 1st quarter valued at $5,186,000. Finally, Arizona State Retirement System raised its stake in shares of Soleno Therapeutics by 9.2% in the 1st quarter. Arizona State Retirement System now owns 7,380 shares of the company's stock valued at $527,000 after acquiring an additional 620 shares during the period. Institutional investors and hedge funds own 97.42% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on SLNO. HC Wainwright reissued a "buy" rating and issued a $110.00 target price (up previously from $100.00) on shares of Soleno Therapeutics in a research note on Monday. TD Cowen began coverage on shares of Soleno Therapeutics in a research note on Monday, June 23rd. They issued a "buy" rating and a $110.00 target price on the stock. Wall Street Zen raised shares of Soleno Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Cowen reissued a "buy" rating on shares of Soleno Therapeutics in a research note on Thursday, August 7th. Finally, Oppenheimer raised their target price 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. One investment analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company's stock. Based on data from MarketBeat, Soleno Therapeutics has an average rating of "Buy" and an average target price of $115.09.

Soleno Therapeutics Stock Performance

Soleno Therapeutics stock opened at $68.57 on Friday. Soleno Therapeutics, Inc. has a 12-month low of $41.50 and a 12-month high of $90.32. The company has a market capitalization of $3.64 billion, a price-to-earnings ratio of -16.56 and a beta of -2.56. 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's fifty day moving average price is $81.95 and its 200 day moving average price is $69.82.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate 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. On average, research analysts forecast that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Insider Transactions at Soleno Therapeutics

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 3,830 shares of the firm'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 transaction, the insider directly owned 13,206 shares of the company's stock, valued at $1,092,928.56. This trade represents a 22.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.40% of the stock is owned by company insiders.

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.

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