Soleno Therapeutics, Inc. (NASDAQ:SLNO) Position Raised by Nantahala Capital Management LLC

Nantahala Capital Management LLC raised its position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) by 27.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,082,107 shares of the company’s stock after purchasing an additional 671,728 shares during the quarter. Soleno Therapeutics accounts for 7.3% of Nantahala Capital Management LLC’s portfolio, making the stock its largest position. Nantahala Capital Management LLC owned approximately 9.22% of Soleno Therapeutics worth $125,750,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP purchased a new position in shares of Soleno Therapeutics during the 4th quarter valued at about $8,557,000. Rafferty Asset Management LLC purchased a new position in shares of Soleno Therapeutics during the 4th quarter valued at approximately $2,088,000. Allspring Global Investments Holdings LLC purchased a new stake in Soleno Therapeutics during the first quarter worth $4,444,000. Price T Rowe Associates Inc. MD purchased a new position in Soleno Therapeutics in the first quarter valued at $6,533,000. Finally, Sofinnova Investments Inc. boosted its stake in shares of Soleno Therapeutics by 267.7% during the 2nd quarter. Sofinnova Investments Inc. now owns 554,359 shares of the company’s stock worth $22,618,000 after acquiring an additional 403,584 shares in the last quarter. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Soleno Therapeutics Stock Performance

NASDAQ SLNO opened at $50.49 on Tuesday. Soleno Therapeutics, Inc. has a fifty-two week low of $21.30 and a fifty-two week high of $55.56. The stock’s fifty day moving average is $48.66 and its two-hundred day moving average is $44.87. The firm has a market capitalization of $1.69 billion, a P/E ratio of -18.84 and a beta of -1.46.

Soleno Therapeutics (NASDAQ:SLNO) last issued its earnings results on Wednesday, August 7th. The company reported ($0.57) EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.06. As a group, sell-side analysts forecast that Soleno Therapeutics, Inc. will post -2.28 EPS for the current year.

Insider Buying and Selling at Soleno Therapeutics

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 58,213 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $45.77, for a total value of $2,664,409.01. Following the sale, the chief executive officer now owns 925,321 shares of the company’s stock, valued at $42,351,942.17. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $48.73, for a total transaction of $24,365,000.00. Following the sale, the insider now owns 6,816,851 shares of the company’s stock, valued at $332,185,149.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Bhatnagar Anish sold 58,213 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $45.77, for a total value of $2,664,409.01. Following the transaction, the chief executive officer now directly owns 925,321 shares of the company’s stock, valued at $42,351,942.17. The disclosure for this sale can be found here. Insiders sold a total of 738,623 shares of company stock worth $35,555,839 over the last three months. Insiders own 12.30% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.