Emerald Advisers LLC Sells 16,438 Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Emerald Advisers LLC lowered its position in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 564,481 shares of the company's stock after selling 16,438 shares during the quarter. Soleno Therapeutics makes up about 1.8% of Emerald Advisers LLC's portfolio, making the stock its 8th biggest position. Emerald Advisers LLC owned approximately 1.13% of Soleno Therapeutics worth $40,332,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Mutual of America Capital Management LLC purchased a new stake in shares of Soleno Therapeutics during the 1st quarter valued at $5,186,000. Arizona State Retirement System lifted its holdings in shares of Soleno Therapeutics by 9.2% during the 1st quarter. Arizona State Retirement System now owns 7,380 shares of the company's stock valued at $527,000 after purchasing an additional 620 shares during the last quarter. Emerald Mutual Fund Advisers Trust lifted its holdings in shares of Soleno Therapeutics by 0.8% during the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 371,697 shares of the company's stock valued at $26,558,000 after purchasing an additional 3,123 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Soleno Therapeutics by 345.0% during the 1st quarter. Bank of New York Mellon Corp now owns 302,664 shares of the company's stock valued at $21,625,000 after purchasing an additional 234,649 shares during the last quarter. Finally, Moody Aldrich Partners LLC lifted its holdings in shares of Soleno Therapeutics by 0.7% during the 1st quarter. Moody Aldrich Partners LLC now owns 29,810 shares of the company's stock valued at $2,130,000 after purchasing an additional 196 shares during the last quarter. Institutional investors own 97.42% of the company's stock.

Soleno Therapeutics Stock Performance

Shares of NASDAQ SLNO traded up $1.93 during trading on Wednesday, reaching $85.52. 1,518,577 shares of the company traded hands, compared to its average volume of 842,073. The firm's fifty day simple moving average is $79.16 and its 200 day simple moving average is $63.31. The stock has a market cap of $4.31 billion, a P/E ratio of -18.51 and a beta of -2.63. Soleno Therapeutics, Inc. has a 12-month low of $41.50 and a 12-month high of $90.32. The company has a current ratio of 19.64, a quick ratio of 19.64 and a debt-to-equity ratio of 0.21.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.95) earnings per share for the quarter, beating the consensus estimate of ($1.14) by $0.19. As a group, research analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Soleno Therapeutics

In related news, insider Patricia C. Hirano sold 3,830 shares of Soleno Therapeutics stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $82.76, for a total value of $316,970.80. Following the completion of the transaction, the insider owned 13,206 shares in the company, valued at $1,092,928.56. The trade was a 22.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 6.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Cowen assumed coverage on Soleno Therapeutics in a research note on Monday, June 23rd. They issued a "buy" rating for the company. Guggenheim raised their target price on Soleno Therapeutics from $81.00 to $97.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. HC Wainwright restated a "buy" rating and issued a $100.00 target price on shares of Soleno Therapeutics in a research note on Tuesday, April 15th. UBS Group set a $105.00 target price on Soleno Therapeutics in a research note on Thursday, March 27th. Finally, Robert W. Baird set a $121.00 target price on Soleno Therapeutics and gave the stock an "outperform" rating in a research note on Friday, July 11th. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $108.70.

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.