Adage Capital Partners GP L.L.C. Sells 546,170 Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Adage Capital Partners GP L.L.C. trimmed its holdings in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 16.4% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 2,775,976 shares of the company's stock after selling 546,170 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 6.44% of Soleno Therapeutics worth $124,780,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. AlphaQuest LLC lifted its position in Soleno Therapeutics by 1,154.4% during the 4th quarter. AlphaQuest LLC now owns 715 shares of the company's stock worth $32,000 after buying an additional 658 shares in the last quarter. US Bancorp DE acquired a new stake in shares of Soleno Therapeutics during the fourth quarter worth $34,000. Avanza Fonder AB bought a new stake in Soleno Therapeutics in the fourth quarter valued at approximately $76,000. Springhill Fund Asset Management HK Co Ltd bought a new position in Soleno Therapeutics during the fourth quarter worth about $81,000. Finally, Avior Wealth Management LLC bought a new stake in shares of Soleno Therapeutics in the fourth quarter worth about $89,000. 97.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Soleno Therapeutics

In other news, insider Patricia C. Hirano sold 3,782 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $70.11, for a total value of $265,156.02. Following the transaction, the insider now owns 27,036 shares in the company, valued at $1,895,493.96. This trade represents a 12.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Pauls sold 5,937 shares of Soleno Therapeutics stock in a transaction dated 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 sale, the director now directly owns 6,500 shares in the company, valued at approximately $465,075. This 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. Company insiders own 12.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SLNO shares. HC Wainwright reissued a "buy" rating and set a $100.00 target price on shares of Soleno Therapeutics in a research note on Tuesday, April 15th. Laidlaw upped 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. Stifel Nicolaus boosted their price target on Soleno Therapeutics from $74.00 to $108.00 and gave the company a "buy" rating in a report on Friday, March 28th. Lifesci Capital raised Soleno Therapeutics to a "strong-buy" rating in a research report on Tuesday, February 4th. Finally, Cantor Fitzgerald boosted their target price 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. Eight equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $104.67.

Soleno Therapeutics Stock Performance

Shares of NASDAQ:SLNO traded down $0.69 during midday trading on Monday, hitting $72.58. 310,825 shares of the stock were exchanged, compared to its average volume of 736,272. The business's 50-day moving average price is $57.41 and its 200 day moving average price is $52.87. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of -21.86 and a beta of -2.29. Soleno Therapeutics, Inc. has a 12 month low of $36.93 and a 12 month high of $74.50.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($0.41). As a group, sell-side analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current 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.