Northern Trust Corp Purchases 5,447 Shares of Soleno Therapeutics, Inc. $SLNO

Key Points

• Northern Trust Corp increased its stake in Soleno Therapeutics by 2.4%, owning approximately 0.46% of the company valued at $16.6 million after acquiring additional shares.
• Soleno Therapeutics reported earnings of ($0.09) per share, significantly exceeding analysts' expectations of ($0.53) with revenues of $32.66 million for the quarter.
• Several analysts have given Soleno Therapeutics a positive outlook with multiple buy ratings and target prices exceeding $100, indicating strong market confidence.

Northern Trust Corp raised its holdings in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 2.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 232,336 shares of the company's stock after buying an additional 5,447 shares during the period. Northern Trust Corp owned about 0.46% of Soleno Therapeutics worth $16,600,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SLNO. Tower Research Capital LLC TRC increased its holdings in 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 buying an additional 3,832 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Soleno Therapeutics by 25.9% in the fourth quarter. Ameriprise Financial Inc. now owns 35,106 shares of the company's stock worth $1,578,000 after purchasing an additional 7,223 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Soleno Therapeutics in the fourth quarter worth $3,206,000. Crestline Management LP purchased a new stake in shares of Soleno Therapeutics in the fourth quarter worth $582,000. Finally, Deutsche Bank AG increased its stake in shares of Soleno Therapeutics by 44.8% in the fourth quarter. Deutsche Bank AG now owns 119,455 shares of the company's stock worth $5,370,000 after purchasing an additional 36,971 shares in the last quarter. 97.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SLNO. Guggenheim reissued a "buy" rating and issued a $106.00 price objective on shares of Soleno Therapeutics in a research note on Wednesday, August 27th. Cowen reissued a "buy" rating on shares of Soleno Therapeutics in a research note on Thursday, August 7th. 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 price objective for the company. Oppenheimer increased their price objective on shares of Soleno Therapeutics from $105.00 to $110.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Finally, Wells Fargo & Company assumed coverage on shares of Soleno Therapeutics in a research note on Wednesday, August 20th. They set an "overweight" rating and a $123.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $115.09.

Soleno Therapeutics Price Performance

SLNO stock traded up $0.20 during trading on Friday, hitting $69.77. 631,395 shares of the company's stock traded hands, compared to its average volume of 1,126,804. Soleno Therapeutics, Inc. has a 52 week low of $41.50 and a 52 week high of $90.32. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.01 and a current ratio of 15.13. The business has a fifty day simple moving average of $79.58 and a 200 day simple moving average of $70.92. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of -16.85 and a beta of -2.72.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.53) by $0.44. The business had revenue of $32.66 million for the quarter, compared to the consensus estimate of $3.91 million. As a group, research analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Insider Activity

In other news, insider Patricia C. Hirano sold 3,830 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $82.76, for a total value of $316,970.80. Following the completion of the sale, the insider owned 13,206 shares in the company, valued at approximately $1,092,928.56. This trade represents a 22.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 6.40% of the company's stock.

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.