Fred Alger Management LLC Boosts Stock Position in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

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

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Legal & General Group Plc grew its stake in shares of Soleno Therapeutics by 9.2% during the 4th quarter. Legal & General Group Plc now owns 23,471 shares of the company's stock worth $1,055,000 after purchasing an additional 1,983 shares during the period. Barclays PLC grew its stake in Soleno Therapeutics by 149.3% in the 3rd quarter. Barclays PLC now owns 52,545 shares of the company's stock valued at $2,652,000 after acquiring an additional 31,467 shares during the period. Emerald Advisers LLC grew its stake in Soleno Therapeutics by 85.4% in the 4th quarter. Emerald Advisers LLC now owns 580,919 shares of the company's stock valued at $26,112,000 after acquiring an additional 267,585 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Soleno Therapeutics by 13.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 217,550 shares of the company's stock valued at $9,779,000 after acquiring an additional 24,953 shares during the period. Finally, Sei Investments Co. grew its stake in Soleno Therapeutics by 47.0% in the 4th quarter. Sei Investments Co. now owns 16,444 shares of the company's stock valued at $739,000 after acquiring an additional 5,258 shares during the period. 97.42% of the stock is owned by hedge funds and other institutional investors.

Soleno Therapeutics Trading Down 1.3%

SLNO traded down $0.98 on Wednesday, hitting $73.46. The company had a trading volume of 825,476 shares, compared to its average volume of 742,421. The firm has a market cap of $3.70 billion, a P/E ratio of -22.13 and a beta of -2.67. Soleno Therapeutics, Inc. has a 1 year low of $36.93 and a 1 year high of $80.99. The company's fifty day moving average price is $64.48 and its 200 day moving average price is $54.66.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.95) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.14) by $0.19. On average, analysts predict that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Insider Buying and Selling at Soleno Therapeutics

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 699,095 shares of Soleno Therapeutics stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $67.62, for a total value of $47,272,803.90. Following the completion of the transaction, the chief executive officer now directly owns 577,076 shares of the company's stock, valued at $39,021,879.12. The trade was a 54.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Matthew Pauls sold 5,937 shares of Soleno Therapeutics stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $71.55, for a total value 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 approximately $465,075. This represents a 47.74% 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 in the last three months. 12.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SLNO shares. HC Wainwright reissued a "buy" rating and issued a $100.00 price target on shares of Soleno Therapeutics in a research note on Tuesday, April 15th. Laidlaw lifted their target price 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. Cantor Fitzgerald lifted their target price on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the stock an "overweight" rating 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, Robert W. Baird lifted their target price on shares of Soleno Therapeutics from $102.00 to $105.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Soleno Therapeutics has a consensus rating of "Buy" and a consensus target price of $106.78.

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.