Invesco Ltd. Reduces Stock Holdings in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Invesco Ltd. lessened its stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 96.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,012 shares of the company's stock after selling 322,157 shares during the period. Invesco Ltd.'s holdings in Soleno Therapeutics were worth $540,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in SLNO. AlphaQuest LLC lifted its stake in Soleno Therapeutics by 1,154.4% in the fourth quarter. AlphaQuest LLC now owns 715 shares of the company's stock worth $32,000 after purchasing an additional 658 shares during the last quarter. US Bancorp DE bought a new stake in Soleno Therapeutics in the fourth quarter valued at approximately $34,000. Avanza Fonder AB purchased a new stake in shares of Soleno Therapeutics during the fourth quarter valued at approximately $76,000. Springhill Fund Asset Management HK Co Ltd bought a new position in shares of Soleno Therapeutics in the fourth quarter worth approximately $81,000. Finally, Avior Wealth Management LLC purchased a new position in shares of Soleno Therapeutics in the fourth quarter worth $89,000. Hedge funds and other institutional investors own 97.42% of the company's stock.

Soleno Therapeutics Stock Performance

Shares of NASDAQ SLNO traded up $0.95 during mid-day trading on Wednesday, hitting $74.66. 1,059,012 shares of the stock traded hands, compared to its average volume of 728,668. The company has a market cap of $3.73 billion, a price-to-earnings ratio of -22.49 and a beta of -2.67. The stock has a fifty day moving average price of $61.48 and a 200-day moving average price of $53.89. Soleno Therapeutics, Inc. has a 52 week low of $36.93 and a 52 week high of $78.00.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.95) EPS for the quarter, beating analysts' consensus estimates of ($1.08) by $0.13. As a group, sell-side analysts predict that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Patricia C. Hirano sold 128,653 shares of the firm's stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $68.32, for a total transaction 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. This trade represents a 69.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 approximately $39,021,879.12. This represents a 54.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 942,672 shares of company stock valued at $64,058,781 over the last quarter. Corporate insiders own 12.30% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on SLNO shares. Guggenheim reissued a "buy" rating and issued a $81.00 price target (up previously from $70.00) on shares of Soleno Therapeutics in a report on Friday, March 28th. Laidlaw boosted their price target on Soleno Therapeutics from $75.00 to $105.00 and gave the company a "buy" rating in a report on Thursday, March 27th. UBS Group set a $105.00 price objective on Soleno Therapeutics in a report on Thursday, March 27th. Cantor Fitzgerald lifted their price objective on Soleno Therapeutics from $67.00 to $123.00 and gave the stock an "overweight" rating in a research report on Thursday, March 27th. Finally, Piper Sandler upped their target price on Soleno Therapeutics from $93.00 to $145.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. Eight investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $104.67.

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.