Vivo Capital LLC Reduces Position in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Key Points

• Vivo Capital LLC reduced its stake in Soleno Therapeutics by 29.1%, owning 4,458,294 shares, which represents approximately 42.2% of its portfolio.
• Soleno Therapeutics reported $32.66 million in revenue for the last quarter, significantly exceeding the analyst expectations of $3.91 million.
• Analysts are optimistic about Soleno with a consensus "Buy" rating and a target price ranging from $93.00 to $145.00 per share.

Vivo Capital LLC reduced its stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 29.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,458,294 shares of the company's stock after selling 1,833,557 shares during the period. Soleno Therapeutics comprises 42.2% of Vivo Capital LLC's investment portfolio, making the stock its largest position. Vivo Capital LLC owned 8.93% of Soleno Therapeutics worth $318,545,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of SLNO. Vanguard Group Inc. increased its stake in Soleno Therapeutics by 19.2% in the 4th quarter. Vanguard Group Inc. now owns 1,884,533 shares of the company's stock worth $84,710,000 after purchasing an additional 303,806 shares during the period. Alliancebernstein L.P. increased its stake in Soleno Therapeutics by 3.5% in the 4th quarter. Alliancebernstein L.P. now owns 23,810 shares of the company's stock worth $1,070,000 after purchasing an additional 800 shares during the period. Franklin Resources Inc. purchased a new position in Soleno Therapeutics in the 4th quarter worth approximately $674,000. Geode Capital Management LLC increased its stake in Soleno Therapeutics by 10.9% in the 4th quarter. Geode Capital Management LLC now owns 599,119 shares of the company's stock worth $26,937,000 after purchasing an additional 58,823 shares during the period. Finally, Wells Fargo & Company MN increased its stake in Soleno Therapeutics by 40.4% in the 4th quarter. Wells Fargo & Company MN now owns 12,547 shares of the company's stock worth $564,000 after purchasing an additional 3,610 shares during the period. 97.42% of the stock is owned by hedge funds and other institutional investors.

Soleno Therapeutics Stock Up 4.6%

Shares of NASDAQ SLNO traded up $3.64 during mid-day trading on Friday, hitting $82.35. 1,068,500 shares of the stock traded hands, compared to its average volume of 1,254,333. The company has a debt-to-equity ratio of 0.21, a quick ratio of 19.64 and a current ratio of 15.13. Soleno Therapeutics, Inc. has a 52 week low of $41.50 and a 52 week high of $90.32. The company has a market cap of $4.38 billion, a price-to-earnings ratio of -19.89 and a beta of -2.56. The stock has a fifty day moving average price of $82.66 and a 200-day moving average price of $68.21.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.44. The firm had revenue of $32.66 million for the quarter, compared to the consensus estimate of $3.91 million. Research analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 EPS for the current 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 that occurred on Tuesday, July 1st. The stock was sold at an average price of $82.76, for a total transaction of $316,970.80. Following the sale, the insider directly owned 13,206 shares in the company, valued at $1,092,928.56. The trade was a 22.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 6.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

SLNO has been the topic of a number of analyst reports. Piper Sandler lifted 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 reissued a "buy" rating on shares of Soleno Therapeutics in a research note on Thursday. Oppenheimer boosted their target price on Soleno Therapeutics from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Thursday. Guggenheim boosted their target price on Soleno Therapeutics from $97.00 to $106.00 and gave the company a "buy" rating in a research note on Thursday. Finally, HC Wainwright reissued a "buy" rating and set a $100.00 target price on shares of Soleno Therapeutics in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $113.30.

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.