Wellington Management Group LLP Trims Stock Holdings in Soleno Therapeutics, Inc. $SLNO

Key Points

• Wellington Management Group LLP has decreased its stake in Soleno Therapeutics by 11.3%, now owning approximately 693,644 shares valued at $49.56 million.
• Multiple institutional investors, including Janus Henderson Group PLC and Invesco Ltd., have significantly increased their holdings in Soleno Therapeutics, indicating strong institutional interest.
• Soleno Therapeutics reported a surprise earnings per share of ($0.09), exceeding analysts' expectations of ($0.53), alongside a revenue of $32.66 million in the latest quarter.

Wellington Management Group LLP lessened its position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 11.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 693,644 shares of the company's stock after selling 88,621 shares during the quarter. Wellington Management Group LLP owned 1.38% of Soleno Therapeutics worth $49,561,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SLNO. Wells Fargo & Company MN increased its position in Soleno Therapeutics by 40.4% during the fourth quarter. Wells Fargo & Company MN now owns 12,547 shares of the company's stock valued at $564,000 after acquiring an additional 3,610 shares during the last quarter. Legal & General Group Plc increased its position in Soleno Therapeutics by 9.2% during the fourth quarter. Legal & General Group Plc now owns 23,471 shares of the company's stock valued at $1,055,000 after acquiring an additional 1,983 shares during the last quarter. Barclays PLC increased its position in Soleno Therapeutics by 141.1% during the fourth quarter. Barclays PLC now owns 126,675 shares of the company's stock valued at $5,694,000 after acquiring an additional 74,130 shares during the last quarter. Mariner LLC purchased a new stake in Soleno Therapeutics during the fourth quarter valued at $418,000. Finally, XTX Topco Ltd purchased a new stake in Soleno Therapeutics during the fourth quarter valued at $283,000. Hedge funds and other institutional investors own 97.42% of the company's stock.

Soleno Therapeutics Trading Down 2.8%

Shares of NASDAQ:SLNO traded down $1.93 during trading on Wednesday, hitting $67.68. The company had a trading volume of 1,069,716 shares, compared to its average volume of 1,133,525. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of -16.35 and a beta of -2.56. Soleno Therapeutics, Inc. has a one year low of $41.50 and a one year high of $90.32. The company has a fifty day simple moving average of $81.56 and a two-hundred day simple moving average of $70.19. The company has a debt-to-equity ratio of 0.21, a current ratio of 15.13 and a quick ratio of 15.01.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.44. The company had revenue of $32.66 million during the quarter, compared to the consensus estimate of $3.91 million. As a group, equities analysts forecast that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Insider Buying and Selling at Soleno Therapeutics

In other news, insider Patricia C. Hirano sold 3,830 shares of the stock in a transaction that occurred 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 approximately $1,092,928.56. This represents a 22.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 6.40% of the company's stock.

Analyst Ratings Changes

SLNO has been the subject of a number of analyst reports. TD Cowen initiated coverage on Soleno Therapeutics in a research report on Monday, June 23rd. They issued a "buy" rating and a $110.00 price target for the company. Cowen reaffirmed a "buy" rating on shares of Soleno Therapeutics in a research note on Thursday, August 7th. Robert W. Baird set a $121.00 price target on Soleno Therapeutics and gave the company an "outperform" rating in a research note on Friday, July 11th. Oppenheimer increased their price target on Soleno Therapeutics from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Finally, HC Wainwright reissued a "buy" rating and set a $110.00 price target (up from $100.00) on shares of Soleno Therapeutics in a research note on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company. According to data from MarketBeat, Soleno Therapeutics has a consensus rating of "Buy" and a consensus price target of $115.09.

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.