Insider Selling: Soleno Therapeutics, Inc. (NASDAQ:SLNO) Major Shareholder Sells 100,000 Shares of Stock

Soleno Therapeutics, Inc. (NASDAQ:SLNO) major shareholder Vivo Opportunity, Llc sold 100,000 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $47.22, for a total transaction of $4,722,000.00. Following the completion of the sale, the insider now directly owns 6,291,851 shares in the company, valued at $297,101,204.22. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Vivo Opportunity, Llc also recently made the following trade(s):

• On Tuesday, August 27th, Vivo Opportunity, Llc sold 500,000 shares of Soleno Therapeutics stock. The shares were sold at an average price of $48.73, for a total value of $24,365,000.00.

Soleno Therapeutics Stock Performance

NASDAQ SLNO opened at $48.95 on Friday. Soleno Therapeutics, Inc. has a one year low of $3.69 and a one year high of $53.82. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of -18.26 and a beta of -1.39. The company’s 50-day simple moving average is $46.13 and its two-hundred day simple moving average is $44.55.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings data 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. Equities analysts expect that Soleno Therapeutics, Inc. will post -2.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Robert W. Baird initiated coverage on Soleno Therapeutics in a research note on Friday, May 10th. They set an “outperform” rating and a $72.00 price target for the company. Oppenheimer lifted their price objective on shares of Soleno Therapeutics from $59.00 to $65.00 and gave the company an “outperform” rating in a report on Monday, August 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $67.00 price target on shares of Soleno Therapeutics in a research note on Wednesday, July 31st. Finally, Baird R W upgraded Soleno Therapeutics to a “strong-buy” rating in a report on Friday, May 10th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Soleno Therapeutics has a consensus rating of “Buy” and an average target price of $66.67.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SLNO. Amalgamated Bank purchased a new stake in shares of Soleno Therapeutics during the 2nd quarter worth $31,000. Victory Capital Management Inc. raised its holdings 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 in the last quarter. Cannon Global Investment Management LLC purchased a new stake in shares of Soleno Therapeutics during the first quarter valued at about $505,000. Sei Investments Co. boosted its holdings in shares of Soleno Therapeutics by 22.0% in the 1st quarter. Sei Investments Co. now owns 12,577 shares of the company’s stock valued at $538,000 after buying an additional 2,264 shares in the last quarter. Finally, California State Teachers Retirement System grew its position in shares of Soleno Therapeutics by 33.8% in the 1st quarter. California State Teachers Retirement System now owns 13,780 shares of the company’s stock worth $590,000 after buying an additional 3,481 shares during the last quarter. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

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.