Tang Capital Management LLC Takes $2.25 Million Position in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Tang Capital Management LLC bought a new position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 50,000 shares of the company's stock, valued at approximately $2,248,000. Tang Capital Management LLC owned 0.12% of Soleno Therapeutics at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Barclays PLC boosted its position in Soleno Therapeutics by 149.3% during the third quarter. Barclays PLC now owns 52,545 shares of the company's stock worth $2,652,000 after purchasing an additional 31,467 shares in the last quarter. JPMorgan Chase & Co. increased its position in Soleno Therapeutics by 35.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,915 shares of the company's stock worth $703,000 after purchasing an additional 3,666 shares in the last quarter. Avanza Fonder AB purchased a new stake in Soleno Therapeutics during the 4th quarter worth about $76,000. Avior Wealth Management LLC acquired a new position in Soleno Therapeutics in the 4th quarter valued at about $89,000. Finally, Moody Aldrich Partners LLC purchased a new position in Soleno Therapeutics in the 4th quarter valued at about $1,331,000. 97.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Soleno Therapeutics

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 699,095 shares of the stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $67.62, for a total value of $47,272,803.90. Following the completion of the sale, the chief executive officer now owns 577,076 shares in the company, valued at $39,021,879.12. This trade represents a 54.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Matthew Pauls sold 5,937 shares of the stock in a transaction on Friday, March 28th. The shares were sold at an average price of $71.55, for a total value of $424,792.35. Following the completion of the sale, the director now owns 6,500 shares in the company, valued at approximately $465,075. This trade represents a 47.74% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 942,672 shares of company stock worth $64,058,781. 12.30% of the stock is currently owned by company insiders.

Soleno Therapeutics Trading Down 2.3%

SLNO stock traded down $1.75 during trading on Wednesday, hitting $73.30. The company had a trading volume of 514,263 shares, compared to its average volume of 746,666. The company has a fifty day moving average price of $67.38 and a two-hundred day moving average price of $55.33. Soleno Therapeutics, Inc. has a fifty-two week low of $36.93 and a fifty-two week high of $80.99. The company has a market cap of $3.69 billion, a P/E ratio of -22.08 and a beta of -2.67.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on SLNO shares. Laidlaw boosted their price objective on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the company a "buy" rating in a research report on Thursday, March 27th. Robert W. Baird boosted their price objective on shares of Soleno Therapeutics from $102.00 to $105.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. Stifel Nicolaus upped their target price on Soleno Therapeutics from $74.00 to $108.00 and gave the company a "buy" rating in a research note on Friday, March 28th. Cantor Fitzgerald upped their target price on Soleno Therapeutics from $67.00 to $123.00 and gave the company an "overweight" rating in a research note on Thursday, March 27th. Finally, Piper Sandler upped their target price on Soleno Therapeutics from $93.00 to $145.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Soleno Therapeutics presently has a consensus rating of "Buy" and a consensus price target of $106.78.

Soleno Therapeutics Company 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.