Soleno Therapeutics, Inc. (NASDAQ:SLNO) Stock Position Lifted by Fmr LLC

Fmr LLC lifted its stake in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) by 6,048,754.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 665,374 shares of the company’s stock after purchasing an additional 665,363 shares during the quarter. Fmr LLC’s holdings in Soleno Therapeutics were worth $33,595,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of SLNO. Amalgamated Bank acquired a new stake in shares of Soleno Therapeutics in the 2nd quarter worth approximately $31,000. Victory Capital Management Inc. lifted its position in Soleno Therapeutics by 26.3% in the second quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock worth $438,000 after purchasing an additional 2,236 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Soleno Therapeutics by 6.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 52,634 shares of the company’s stock valued at $2,657,000 after purchasing an additional 3,226 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Soleno Therapeutics by 33.8% during the 1st quarter. California State Teachers Retirement System now owns 13,780 shares of the company’s stock valued at $590,000 after purchasing an additional 3,481 shares during the period. Finally, Curi RMB Capital LLC bought a new stake in shares of Soleno Therapeutics in the 3rd quarter worth $202,000. Institutional investors and hedge funds own 97.42% of the company’s stock.

Soleno Therapeutics Price Performance

NASDAQ:SLNO opened at $49.15 on Monday. The stock has a market cap of $2.12 billion, a PE ratio of -14.80 and a beta of -1.47. Soleno Therapeutics, Inc. has a fifty-two week low of $33.89 and a fifty-two week high of $60.92. The stock’s 50-day moving average is $53.69 and its two-hundred day moving average is $48.84.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($1.83) earnings per share for the quarter, missing the consensus estimate of ($0.61) by ($1.22). On average, equities research analysts anticipate that Soleno Therapeutics, Inc. will post -3.7 earnings per share for the current year.

Analyst Ratings Changes

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

Insider Activity at Soleno Therapeutics

In related news, CFO James H. Mackaness sold 8,077 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total value of $399,246.11. Following the completion of the sale, the chief financial officer now directly owns 119,172 shares in the company, valued at approximately $5,890,671.96. The trade was a 6.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Bhatnagar Anish sold 21,633 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total value of $1,069,319.19. Following the sale, the chief executive officer now directly owns 719,553 shares of the company’s stock, valued at $35,567,504.79. The trade was a 2.92 % 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 valued at $1,622,194. Insiders own 12.30% of the company’s stock.

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.