Royce & Associates LP Purchases Shares of 4,000 Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Key Points

• Royce & Associates LP has invested $286,000 in Soleno Therapeutics, acquiring 4,000 shares during the 1st quarter.
• The stock has been experiencing a decline, currently trading at $83.97, representing a 1.5% decrease in value.
• Analysts are optimistic, with multiple ratings upgrades and a consensus target price of $108.70 for Soleno Therapeutics.

Royce & Associates LP purchased a new stake 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 purchased 4,000 shares of the company's stock, valued at approximately $286,000.

A number of other large investors also recently modified their holdings of SLNO. Springhill Fund Asset Management HK Co Ltd purchased a new position in shares of Soleno Therapeutics during the fourth quarter valued at approximately $81,000. Summit Investment Advisors Inc. increased its holdings in shares of Soleno Therapeutics by 24.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,677 shares of the company's stock valued at $120,000 after acquiring an additional 522 shares in the last quarter. Avanza Fonder AB boosted its position in shares of Soleno Therapeutics by 14.8% during the first quarter. Avanza Fonder AB now owns 1,951 shares of the company's stock valued at $144,000 after buying an additional 251 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Soleno Therapeutics during the fourth quarter valued at $193,000. Finally, Tower Research Capital LLC TRC boosted its position in Soleno Therapeutics by 811.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,304 shares of the company's stock worth $193,000 after purchasing an additional 3,832 shares during the last quarter. 97.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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 owned 13,206 shares of the company's stock, valued at $1,092,928.56. This trade represents a 22.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 6.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on SLNO shares. Wall Street Zen raised Soleno Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. TD Cowen started coverage on Soleno Therapeutics in a research note on Monday, June 23rd. They issued a "buy" rating and a $110.00 price objective on the stock. Robert W. Baird set a $121.00 target price on Soleno Therapeutics and gave the company an "outperform" rating in a research report on Friday, July 11th. HC Wainwright reissued a "buy" rating and set a $100.00 target price on shares of Soleno Therapeutics in a research report on Tuesday, April 15th. Finally, Piper Sandler boosted their target price on Soleno Therapeutics from $93.00 to $145.00 and gave the company an "overweight" rating in a research report on Thursday, April 24th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Soleno Therapeutics currently has a consensus rating of "Buy" and an average price target of $108.70.

Soleno Therapeutics Stock Down 0.5%

SLNO stock traded down $0.47 during trading on Friday, reaching $86.00. 1,036,872 shares of the company traded hands, compared to its average volume of 1,060,714. Soleno Therapeutics, Inc. has a 12 month low of $41.50 and a 12 month high of $90.32. The business has a 50 day simple moving average of $81.87 and a 200 day simple moving average of $66.60. The company has a market capitalization of $4.33 billion, a price-to-earnings ratio of -18.61 and a beta of -2.63. The company has a debt-to-equity ratio of 0.21, a quick ratio of 19.64 and a current ratio of 19.64.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.95) earnings per share for the quarter, beating analysts' consensus estimates of ($1.14) by $0.19. On average, equities research analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

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.