MetLife Investment Management LLC Buys 7,196 Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO)

MetLife Investment Management LLC raised its stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO) by 129.1% in the third quarter, Holdings Channel.com reports. The firm owned 12,772 shares of the company’s stock after acquiring an additional 7,196 shares during the period. MetLife Investment Management LLC’s holdings in Soleno Therapeutics were worth $645,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of SLNO. Amalgamated Bank acquired a new position in shares of Soleno Therapeutics during the second quarter valued at about $31,000. Curi RMB Capital LLC bought a new position in Soleno Therapeutics during the third quarter valued at about $202,000. Intech Investment Management LLC bought a new position in Soleno Therapeutics during the third quarter valued at about $262,000. Victory Capital Management Inc. raised its holdings in Soleno Therapeutics by 26.3% in the 2nd quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock valued at $438,000 after acquiring an additional 2,236 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Soleno Therapeutics in the 2nd quarter worth approximately $569,000. 97.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Kristen Yen sold 3,108 shares of Soleno Therapeutics stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total value of $153,628.44. Following the completion of the transaction, the insider now directly owns 81,465 shares of the company’s stock, valued at $4,026,814.95. The trade was a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO James H. Mackaness sold 8,077 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total transaction of $399,246.11. Following the sale, the chief financial officer now directly owns 119,172 shares in the company, valued at approximately $5,890,671.96. This represents a 6.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,818 shares of company stock worth $1,622,194. Insiders own 12.30% of the company’s stock.

Wall Street Analyst Weigh In

SLNO has been the topic of a number of research reports. Stifel Nicolaus restated a “buy” rating and set a $74.00 price objective on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Robert W. Baird reissued an “outperform” rating and issued a $72.00 price target on shares of Soleno Therapeutics in a report on Monday, December 2nd. Oppenheimer raised their price objective on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. HC Wainwright reiterated a “buy” rating and set a $70.00 target price on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $67.00 price target on shares of Soleno Therapeutics in a research report on Friday, September 20th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $74.83.

Soleno Therapeutics Stock Performance

Shares of NASDAQ SLNO opened at $49.15 on Friday. The business has a fifty day moving average of $53.69 and a two-hundred day moving average of $48.80. Soleno Therapeutics, Inc. has a 52-week low of $33.89 and a 52-week high of $60.92. The stock has a market cap of $2.12 billion, a PE ratio of -14.80 and a beta of -1.47.

Soleno Therapeutics (NASDAQ:SLNO) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.61) by ($1.22). Analysts predict that Soleno Therapeutics, Inc. will post -3.7 earnings per share 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.