Woodline Partners LP Cuts Stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Woodline Partners LP lowered its stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 25.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 301,562 shares of the company's stock after selling 100,521 shares during the period. Woodline Partners LP owned approximately 0.70% of Soleno Therapeutics worth $13,555,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legal & General Group Plc grew its position in Soleno Therapeutics by 9.2% in the fourth quarter. Legal & General Group Plc now owns 23,471 shares of the company's stock worth $1,055,000 after acquiring an additional 1,983 shares in the last quarter. Barclays PLC grew its position in Soleno Therapeutics by 149.3% in the third quarter. Barclays PLC now owns 52,545 shares of the company's stock worth $2,652,000 after acquiring an additional 31,467 shares in the last quarter. Emerald Advisers LLC grew its position in Soleno Therapeutics by 85.4% in the fourth quarter. Emerald Advisers LLC now owns 580,919 shares of the company's stock worth $26,112,000 after acquiring an additional 267,585 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Soleno Therapeutics by 13.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 217,550 shares of the company's stock worth $9,779,000 after acquiring an additional 24,953 shares in the last quarter. Finally, Sei Investments Co. lifted its stake in Soleno Therapeutics by 47.0% in the fourth quarter. Sei Investments Co. now owns 16,444 shares of the company's stock worth $739,000 after purchasing an additional 5,258 shares during the last quarter. Hedge funds and other institutional investors own 97.42% of the company's stock.

Analyst Upgrades and Downgrades

SLNO has been the subject of several analyst reports. Laidlaw raised their price objective on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the stock a "buy" rating in a research note on Thursday, March 27th. HC Wainwright reissued a "buy" rating and issued a $100.00 price objective on shares of Soleno Therapeutics in a research note on Tuesday, April 15th. UBS Group set a $105.00 price objective on shares of Soleno Therapeutics in a research note on Thursday, March 27th. Lifesci Capital raised shares of Soleno Therapeutics to a "strong-buy" rating in a research note on Tuesday, February 4th. Finally, Piper Sandler raised their price objective on shares of Soleno Therapeutics from $93.00 to $145.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $106.78.

Insider Activity

In related news, insider Patricia C. Hirano sold 128,653 shares of the business's stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $68.32, for a total value of $8,789,572.96. Following the completion of the transaction, the insider now owns 55,789 shares of the company's stock, valued at $3,811,504.48. The trade was a 69.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Matthew Pauls sold 5,937 shares of the business's stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $71.55, for a total transaction of $424,792.35. Following the completion of the transaction, the director now directly owns 6,500 shares of the company's stock, valued at $465,075. This trade represents a 47.74% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 942,672 shares of company stock valued at $64,058,781. Corporate insiders own 12.30% of the company's stock.

Soleno Therapeutics Trading Up 4.1%

Shares of Soleno Therapeutics stock traded up $3.00 on Friday, hitting $76.89. 474,984 shares of the company traded hands, compared to its average volume of 749,080. The stock's 50 day moving average price is $68.88 and its 200-day moving average price is $55.71. Soleno Therapeutics, Inc. has a 52 week low of $36.93 and a 52 week high of $80.99. The company has a market cap of $3.87 billion, a PE ratio of -23.16 and a beta of -2.67.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.95) earnings per share for the quarter, beating the consensus estimate of ($1.14) by $0.19. As a group, research analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

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.