Arizona State Retirement System Purchases 1,454 Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Arizona State Retirement System boosted its position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) by 27.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,760 shares of the company’s stock after purchasing an additional 1,454 shares during the period. Arizona State Retirement System’s holdings in Soleno Therapeutics were worth $304,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE acquired a new stake in shares of Soleno Therapeutics during the fourth quarter worth approximately $34,000. Avanza Fonder AB bought a new stake in Soleno Therapeutics during the 4th quarter worth approximately $76,000. Avior Wealth Management LLC acquired a new stake in Soleno Therapeutics during the 4th quarter valued at $89,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Soleno Therapeutics in the 3rd quarter valued at $155,000. Finally, Curi RMB Capital LLC acquired a new position in Soleno Therapeutics in the third quarter worth $202,000. 97.42% of the stock is currently owned by institutional investors and hedge funds.

Soleno Therapeutics Trading Up 0.6 %

Shares of NASDAQ:SLNO opened at $49.34 on Friday. Soleno Therapeutics, Inc. has a 1-year low of $36.61 and a 1-year high of $60.92. The stock has a market capitalization of $2.26 billion, a P/E ratio of -14.86 and a beta of -1.70. The business has a 50-day moving average price of $47.28 and a two-hundred day moving average price of $49.72.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.41). As a group, equities analysts predict that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Insider Activity

In related news, CEO Bhatnagar Anish sold 10,937 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total transaction of $496,649.17. Following the completion of the transaction, the chief executive officer now owns 708,616 shares in the company, valued at approximately $32,178,252.56. The trade was a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kristen Yen sold 2,340 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $46.18, for a total transaction of $108,061.20. Following the completion of the sale, the insider now owns 76,605 shares in the company, valued at approximately $3,537,618.90. This trade represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,360 shares of company stock valued at $790,119 in the last 90 days. 12.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SLNO shares. HC Wainwright restated a “buy” rating and issued a $70.00 target price on shares of Soleno Therapeutics in a research note on Monday, March 3rd. Stifel Nicolaus began coverage on shares of Soleno Therapeutics in a research note on Wednesday, March 5th. They issued a “buy” rating and a $74.00 target price for the company. Robert W. Baird reiterated an “outperform” rating and set a $72.00 target price on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Finally, Lifesci Capital raised shares of Soleno Therapeutics to a “strong-buy” rating in a report on Tuesday, February 4th. Five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $71.20.

Soleno Therapeutics 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.