Victory Capital Management Inc. Takes Position in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Key Points

• Victory Capital Management Inc. has acquired a new stake in Soleno Therapeutics, purchasing 4,037 shares valued at approximately $288,000.
• Insider Patricia C. Hirano sold 3,830 shares, reducing her ownership by 22.48%, while still retaining 13,206 shares valued at around $1.09 million.
• Analysts have a consensus rating of Buy for Soleno Therapeutics, with price targets ranging from $93.00 to $145.00 as several brokerages have recently upgraded their forecasts for the stock.

Victory Capital Management Inc. purchased a new stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,037 shares of the company's stock, valued at approximately $288,000.

A number of other large investors have also made changes to their positions in the stock. Moody Aldrich Partners LLC boosted its stake in shares of Soleno Therapeutics by 0.7% during the first quarter. Moody Aldrich Partners LLC now owns 29,810 shares of the company's stock valued at $2,130,000 after acquiring an additional 196 shares during the last quarter. Avanza Fonder AB boosted its stake 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. SG Americas Securities LLC boosted its stake in shares of Soleno Therapeutics by 8.6% during the first quarter. SG Americas Securities LLC now owns 4,397 shares of the company's stock valued at $314,000 after acquiring an additional 350 shares during the last quarter. Corebridge Financial Inc. boosted its stake in shares of Soleno Therapeutics by 2.9% during the fourth quarter. Corebridge Financial Inc. now owns 12,720 shares of the company's stock valued at $572,000 after acquiring an additional 357 shares during the last quarter. Finally, Summit Investment Advisors Inc. boosted its stake 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. Institutional investors and hedge funds own 97.42% of the company's stock.

Insider Activity

In other news, insider Patricia C. Hirano sold 3,830 shares of the stock in a transaction on 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 of the company's stock, valued at approximately $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 SEC, which can be accessed through this link. Insiders own 6.40% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on SLNO. Piper Sandler raised their price target on Soleno Therapeutics from $93.00 to $145.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Cowen assumed coverage on Soleno Therapeutics in a research note on Monday, June 23rd. They issued a "buy" rating on the stock. Wall Street Zen raised Soleno Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Robert W. Baird set a $121.00 price objective on Soleno Therapeutics and gave the company an "outperform" rating in a research note on Friday, July 11th. Finally, Guggenheim lifted their price objective on Soleno Therapeutics from $81.00 to $97.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Soleno Therapeutics presently has an average rating of "Buy" and a consensus price target of $108.70.

Soleno Therapeutics Stock Performance

Shares of SLNO opened at $86.00 on Friday. The business's 50 day moving average is $82.06 and its two-hundred day moving average is $67.03. Soleno Therapeutics, Inc. has a 52-week low of $41.50 and a 52-week high of $90.32. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of -18.61 and a beta of -2.56. The company has a quick ratio of 19.64, a current ratio of 19.64 and a debt-to-equity ratio of 0.21.

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

About Soleno Therapeutics

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.

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