Soleno Therapeutics, Inc. (NASDAQ:SLNO) is Vivo Capital LLC's Largest Position

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

A number of other hedge funds have also bought and sold shares of SLNO. Vanguard Group Inc. grew its position in Soleno Therapeutics by 19.2% during the fourth quarter. Vanguard Group Inc. now owns 1,884,533 shares of the company's stock valued at $84,710,000 after buying an additional 303,806 shares during the period. Alliancebernstein L.P. raised its holdings in Soleno Therapeutics by 3.5% during the 4th quarter. Alliancebernstein L.P. now owns 23,810 shares of the company's stock valued at $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 valued at $674,000. Geode Capital Management LLC lifted its holdings 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 purchasing an additional 58,823 shares during the period. Finally, Wells Fargo & Company MN increased its position in shares of Soleno Therapeutics by 40.4% in the fourth quarter. Wells Fargo & Company MN now owns 12,547 shares of the company's stock valued at $564,000 after buying an additional 3,610 shares in the last quarter. 97.42% of the stock is currently owned by institutional investors and hedge funds.

Soleno Therapeutics Price Performance

NASDAQ SLNO traded down $2.10 during trading on Tuesday, reaching $83.66. 458,338 shares of the company traded hands, compared to its average volume of 1,063,861. The stock's 50 day moving average price is $82.86 and its two-hundred day moving average price is $68.62. The company has a market cap of $4.45 billion, a price-to-earnings ratio of -20.22 and a beta of -2.56. Soleno Therapeutics, Inc. has a 1-year low of $41.50 and a 1-year 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.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last issued its 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 company had revenue of $32.66 million during the quarter, compared to analyst estimates of $3.91 million. As a group, analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. HC Wainwright restated a "buy" rating and set a $100.00 price target on shares of Soleno Therapeutics in a research note on Tuesday, April 15th. Piper Sandler increased their target price on shares of Soleno Therapeutics from $93.00 to $145.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. Cowen reissued a "buy" rating on shares of Soleno Therapeutics in a research report on Thursday. Guggenheim upped their price target on shares of Soleno Therapeutics from $97.00 to $106.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, TD Cowen assumed coverage on shares of Soleno Therapeutics in a research report on Monday, June 23rd. They set a "buy" rating and a $110.00 target price for the company. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Soleno Therapeutics currently has a consensus rating of "Buy" and an average target price of $113.30.

Insider Activity at Soleno Therapeutics

In related news, insider Patricia C. Hirano sold 3,830 shares of Soleno Therapeutics stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $82.76, for a total transaction of $316,970.80. Following the completion of the transaction, the insider directly owned 13,206 shares of the company's stock, valued at $1,092,928.56. This trade represents a 22.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 6.40% of the company's stock.

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.