Virtu Financial LLC Invests $1.03 Million in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Key Points

• Virtu Financial LLC has acquired a new stake in Soleno Therapeutics, Inc., purchasing 14,396 shares valued at around $1,029,000 in the first quarter.
• Recent earnings showed Soleno Therapeutics reported earnings per share of (-$0.09), surpassing analysts' estimates and generating revenue of $32.66 million for the quarter.
• The stock has received a consensus rating of "Buy" from analysts, with a price target increase to $113.30 following recent positive reports and ratings changes.

Virtu Financial LLC purchased a new position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 14,396 shares of the company's stock, valued at approximately $1,029,000.

Several other hedge funds and other institutional investors have also modified their holdings of SLNO. Alliancebernstein L.P. boosted its position in shares of Soleno Therapeutics by 3.5% during the fourth quarter. Alliancebernstein L.P. now owns 23,810 shares of the company's stock worth $1,070,000 after buying an additional 800 shares during the period. Franklin Resources Inc. purchased a new position in shares of Soleno Therapeutics during the fourth quarter worth $674,000. Geode Capital Management LLC boosted its position in shares of Soleno Therapeutics by 10.9% during the fourth quarter. Geode Capital Management LLC now owns 599,119 shares of the company's stock worth $26,937,000 after buying an additional 58,823 shares during the period. Wells Fargo & Company MN boosted its position in shares of Soleno Therapeutics by 40.4% during the fourth quarter. Wells Fargo & Company MN now owns 12,547 shares of the company's stock worth $564,000 after buying an additional 3,610 shares during the period. Finally, Legal & General Group Plc boosted its position in shares of Soleno Therapeutics by 9.2% during the fourth quarter. Legal & General Group Plc now owns 23,471 shares of the company's stock worth $1,055,000 after buying an additional 1,983 shares during the period. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Soleno Therapeutics Stock Down 2.7%

Soleno Therapeutics stock traded down $2.22 during midday trading on Wednesday, reaching $81.14. The company's stock had a trading volume of 2,320,388 shares, compared to its average volume of 1,139,481. Soleno Therapeutics, Inc. has a fifty-two week low of $41.50 and a fifty-two week high of $90.32. The company has a quick ratio of 15.01, a current ratio of 15.13 and a debt-to-equity ratio of 0.21. The company has a market cap of $4.31 billion, a P/E ratio of -19.60 and a beta of -2.56. The business has a 50-day simple moving average of $83.06 and a 200-day simple moving average of $68.80.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates of ($0.53) by $0.44. The business had revenue of $32.66 million during the quarter, compared to analyst estimates of $3.91 million. On average, research analysts expect that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 3,830 shares of the firm's 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 sale, the insider directly owned 13,206 shares in the company, valued at $1,092,928.56. This trade represents a 22.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

SLNO has been the subject of several research analyst reports. 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 report on Thursday, April 24th. Cowen reiterated a "buy" rating on shares of Soleno Therapeutics in a report on Thursday, August 7th. HC Wainwright reiterated a "buy" rating and issued a $100.00 target price on shares of Soleno Therapeutics in a report on Tuesday, April 15th. TD Cowen began coverage on Soleno Therapeutics in a report on Monday, June 23rd. They issued a "buy" rating and a $110.00 target price for the company. Finally, Oppenheimer lifted their target price on Soleno Therapeutics from $105.00 to $110.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $113.30.

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.