RWC Asset Management LLP Buys New Stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Key Points

• RWC Asset Management LLP has made a new investment in Soleno Therapeutics, Inc., purchasing 4,306 shares valued at approximately $308,000 during the first quarter.
• Wall Street analysts are bullish on Soleno Therapeutics, with several firms raising their target prices, notably Piper Sandler increasing it to $145.00 and Guggenheim to $97.00.
• Insider Patricia C. Hirano sold 3,830 shares of Soleno, which decreased her ownership by 22.48%, indicating insider market activity amid rising interest from institutional investors.

RWC Asset Management LLP acquired a new stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 4,306 shares of the company's stock, valued at approximately $308,000.

Several other institutional investors and hedge funds have also modified their holdings of SLNO. Springhill Fund Asset Management HK Co Ltd acquired a new position in shares of Soleno Therapeutics during the fourth quarter valued at approximately $81,000. Summit Investment Advisors Inc. raised 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 during the last quarter. Avanza Fonder AB raised its holdings 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 acquiring an additional 251 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Soleno Therapeutics during the fourth quarter valued at approximately $193,000. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Soleno Therapeutics by 811.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,304 shares of the company's stock valued at $193,000 after acquiring an additional 3,832 shares during the last quarter. Institutional investors and hedge funds own 97.42% of the company's stock.

Analyst Ratings Changes

SLNO has been the subject of a number of research analyst reports. Guggenheim increased their target price on Soleno Therapeutics from $81.00 to $97.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Piper Sandler upped their price target on Soleno Therapeutics from $93.00 to $145.00 and gave the company an "overweight" rating in a research report on Thursday, April 24th. Cowen assumed coverage on Soleno Therapeutics in a research report on Monday, June 23rd. They issued a "buy" rating for the company. 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 target for the company. Finally, Wall Street Zen upgraded Soleno Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $108.70.

Soleno Therapeutics Trading Up 2.1%

NASDAQ:SLNO traded up $1.76 during trading hours on Thursday, reaching $86.63. 735,446 shares of the stock were exchanged, compared to its average volume of 1,057,409. The company has a quick ratio of 19.64, a current ratio of 19.64 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average of $81.62 and a two-hundred day moving average of $66.30. Soleno Therapeutics, Inc. has a twelve month low of $41.50 and a twelve month high of $90.32. The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of -18.75 and a beta of -2.63.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.95) EPS for the quarter, topping analysts' consensus estimates of ($1.14) by $0.19. On average, equities analysts predict that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Insider Buying and Selling

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 3,830 shares of the company's stock in a transaction 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 transaction, the insider directly owned 13,206 shares in the company, valued at $1,092,928.56. This represents a 22.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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.