Fred Alger Management LLC Purchases 8,660 Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Fred Alger Management LLC lifted its stake in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 140.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,805 shares of the company's stock after buying an additional 8,660 shares during the period. Fred Alger Management LLC's holdings in Soleno Therapeutics were worth $665,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SLNO. Nantahala Capital Management LLC grew its holdings in Soleno Therapeutics by 20.1% during the 4th quarter. Nantahala Capital Management LLC now owns 3,928,966 shares of the company's stock worth $176,607,000 after acquiring an additional 658,518 shares during the period. Avoro Capital Advisors LLC lifted its position in Soleno Therapeutics by 15.8% in the 4th quarter. Avoro Capital Advisors LLC now owns 2,525,000 shares of the company's stock valued at $113,499,000 after acquiring an additional 344,000 shares in the last quarter. Vanguard Group Inc. lifted its position in Soleno Therapeutics by 19.2% in the 4th quarter. Vanguard Group Inc. now owns 1,884,533 shares of the company's stock valued at $84,710,000 after acquiring an additional 303,806 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Soleno Therapeutics by 24.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,630,718 shares of the company's stock valued at $73,301,000 after acquiring an additional 321,223 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its position in shares of Soleno Therapeutics by 48.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 851,838 shares of the company's stock worth $38,290,000 after buying an additional 276,225 shares in the last quarter. 97.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Soleno Therapeutics

In related news, insider Patricia C. Hirano sold 3,782 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $70.11, for a total transaction of $265,156.02. Following the completion of the transaction, the insider now directly owns 27,036 shares of the company's stock, valued at approximately $1,895,493.96. This trade represents a 12.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael F. Huang sold 14,583 shares of Soleno Therapeutics stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $69.51, for a total transaction of $1,013,664.33. Following the completion of the transaction, the vice president now directly owns 36,817 shares of the company's stock, valued at $2,559,149.67. The trade was a 28.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 942,672 shares of company stock valued at $64,058,781 over the last three months. Corporate insiders own 12.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Cantor Fitzgerald lifted their price target on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the stock an "overweight" rating in a report on Thursday, March 27th. UBS Group set a $105.00 price target on shares of Soleno Therapeutics in a research report on Thursday, March 27th. Stifel Nicolaus boosted their price target on shares of Soleno Therapeutics from $74.00 to $108.00 and gave the company a "buy" rating in a research report on Friday, March 28th. Laidlaw lifted their price objective on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the stock a "buy" rating in a report on Thursday, March 27th. Finally, Guggenheim boosted their price target on shares of Soleno Therapeutics from $81.00 to $97.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $106.78.

Soleno Therapeutics Price Performance

Soleno Therapeutics stock traded up $0.20 during midday trading on Friday, reaching $75.27. 223,536 shares of the company traded hands, compared to its average volume of 740,504. The firm has a market capitalization of $3.79 billion, a price-to-earnings ratio of -22.63 and a beta of -2.67. The business has a 50 day moving average of $65.68 and a two-hundred day moving average of $54.93. Soleno Therapeutics, Inc. has a 12 month low of $36.93 and a 12 month high of $80.99.

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

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.