Ally Bridge Group NY LLC Sells 50,324 Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Ally Bridge Group NY LLC trimmed its holdings in Soleno Therapeutics, Inc. (NASDAQ:SLNO) by 15.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 286,162 shares of the company’s stock after selling 50,324 shares during the period. Soleno Therapeutics comprises about 7.0% of Ally Bridge Group NY LLC’s investment portfolio, making the stock its largest holding. Ally Bridge Group NY LLC’s holdings in Soleno Therapeutics were worth $11,675,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Swiss National Bank acquired a new stake in Soleno Therapeutics during the 4th quarter worth approximately $918,000. Rafferty Asset Management LLC bought a new position in Soleno Therapeutics in the fourth quarter valued at $2,088,000. Vestal Point Capital LP acquired a new stake in Soleno Therapeutics in the 4th quarter valued at $52,325,000. Avoro Capital Advisors LLC bought a new stake in Soleno Therapeutics during the 4th quarter worth about $31,596,000. Finally, Wellington Management Group LLP acquired a new position in shares of Soleno Therapeutics during the 4th quarter worth about $8,557,000. Institutional investors and hedge funds own 97.42% of the company’s stock.

Insider Transactions at Soleno Therapeutics

In related news, CEO Bhatnagar Anish sold 56,613 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $47.58, for a total value of $2,693,646.54. Following the transaction, the chief executive officer now directly owns 799,577 shares in the company, valued at $38,043,873.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $48.73, for a total value of $24,365,000.00. Following the completion of the sale, the insider now directly owns 6,816,851 shares in the company, valued at $332,185,149.23. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Bhatnagar Anish sold 56,613 shares of Soleno Therapeutics stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $47.58, for a total value of $2,693,646.54. Following the completion of the transaction, the chief executive officer now directly owns 799,577 shares of the company’s stock, valued at $38,043,873.66. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 767,239 shares of company stock valued at $36,744,548. 12.30% of the stock is currently owned by corporate insiders.

Soleno Therapeutics Stock Performance

Shares of SLNO opened at $51.61 on Monday. The firm’s 50-day simple moving average is $48.71 and its 200 day simple moving average is $44.73. The firm has a market cap of $1.72 billion, a P/E ratio of -19.26 and a beta of -1.46. Soleno Therapeutics, Inc. has a 52 week low of $3.96 and a 52 week high of $55.56.

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

Analysts Set New Price Targets

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

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.