Soleno Therapeutics, Inc. (NASDAQ:SLNO) Shares Bought by Perceptive Advisors LLC

Perceptive Advisors LLC boosted its holdings in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) by 4.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,204,976 shares of the company’s stock after purchasing an additional 130,434 shares during the period. Soleno Therapeutics comprises approximately 3.1% of Perceptive Advisors LLC’s investment portfolio, making the stock its 8th biggest position. Perceptive Advisors LLC owned 0.10% of Soleno Therapeutics worth $130,763,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Wellington Management Group LLP bought a new position in Soleno Therapeutics in the 4th quarter valued at approximately $8,557,000. Rafferty Asset Management LLC bought a new stake in Soleno Therapeutics during the 4th quarter worth $2,088,000. Allspring Global Investments Holdings LLC acquired a new position in Soleno Therapeutics in the 1st quarter worth about $4,444,000. Price T Rowe Associates Inc. MD bought a new position in Soleno Therapeutics in the first quarter valued at about $6,533,000. Finally, Sofinnova Investments Inc. boosted its stake in shares of Soleno Therapeutics by 267.7% during the second quarter. Sofinnova Investments Inc. now owns 554,359 shares of the company’s stock valued at $22,618,000 after purchasing an additional 403,584 shares in the last quarter. Institutional investors and hedge funds own 97.42% of the company’s stock.

Insider Activity

In related news, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $48.73, for a total transaction of $24,365,000.00. Following the transaction, the insider now directly owns 6,816,851 shares in the company, valued at $332,185,149.23. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Bhatnagar Anish sold 58,213 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $45.77, for a total transaction of $2,664,409.01. Following the completion of the transaction, the chief executive officer now owns 925,321 shares in the company, valued at $42,351,942.17. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $48.73, for a total transaction of $24,365,000.00. Following the transaction, the insider now directly owns 6,816,851 shares of the company’s stock, valued at $332,185,149.23. The disclosure for this sale can be found here. Insiders have sold 738,623 shares of company stock worth $35,555,839 over the last 90 days. 12.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SLNO has been the subject of a number of research reports. HC Wainwright assumed coverage on shares of Soleno Therapeutics in a report on Tuesday, September 3rd. They issued a “buy” rating and a $70.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $67.00 price target on shares of Soleno Therapeutics in a research note on Friday, September 20th. Finally, Oppenheimer increased their price objective on Soleno Therapeutics from $59.00 to $65.00 and gave the company an “outperform” rating in a report on Monday, August 12th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Soleno Therapeutics presently has an average rating of “Buy” and a consensus target price of $67.14.

Soleno Therapeutics Stock Performance

Shares of NASDAQ:SLNO opened at $49.13 on Monday. The firm has a market cap of $1.64 billion, a P/E ratio of -18.33 and a beta of -1.46. Soleno Therapeutics, Inc. has a 52-week low of $21.30 and a 52-week high of $55.56. The business’s 50 day simple moving average is $48.66 and its two-hundred day simple moving average is $44.87.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.57) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.06. On average, equities analysts forecast that Soleno Therapeutics, Inc. will post -2.28 earnings per share for the current fiscal year.

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.