Rock Springs Capital Management LP Buys Shares of 124,095 Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Rock Springs Capital Management LP bought a new stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 124,095 shares of the company's stock, valued at approximately $5,578,000. Rock Springs Capital Management LP owned approximately 0.29% of Soleno Therapeutics as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in SLNO. Corebridge Financial Inc. lifted its holdings in Soleno Therapeutics by 2.9% during the 4th quarter. Corebridge Financial Inc. now owns 12,720 shares of the company's stock valued at $572,000 after purchasing an additional 357 shares during the last quarter. Summit Investment Advisors Inc. raised its stake in shares of Soleno Therapeutics by 24.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,677 shares of the company's stock valued at $120,000 after acquiring an additional 522 shares during the last quarter. AlphaQuest LLC boosted its holdings in shares of Soleno Therapeutics by 1,154.4% in the 4th quarter. AlphaQuest LLC now owns 715 shares of the company's stock worth $32,000 after acquiring an additional 658 shares in the last quarter. US Bancorp DE acquired a new position in shares of Soleno Therapeutics in the 4th quarter worth approximately $34,000. Finally, Alliancebernstein L.P. grew its position in Soleno Therapeutics by 3.5% during the 4th quarter. Alliancebernstein L.P. now owns 23,810 shares of the company's stock worth $1,070,000 after acquiring an additional 800 shares during the last quarter. Institutional investors and hedge funds own 97.42% of the company's stock.

Insider Activity at Soleno Therapeutics

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 128,653 shares of Soleno Therapeutics stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $68.32, for a total transaction of $8,789,572.96. Following the transaction, the insider now directly owns 55,789 shares in the company, valued at approximately $3,811,504.48. The trade was a 69.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Bhatnagar Anish sold 699,095 shares of the stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $67.62, for a total value of $47,272,803.90. Following the completion of the sale, the chief executive officer now owns 577,076 shares of the company's stock, valued at $39,021,879.12. This trade represents a 54.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 942,672 shares of company stock worth $64,058,781 in the last ninety days. Company insiders own 12.30% of the company's stock.

Soleno Therapeutics Stock Performance

SLNO traded up $1.96 during trading on Thursday, reaching $74.23. 1,364,576 shares of the company's stock were exchanged, compared to its average volume of 733,483. The company's fifty day moving average price is $56.41 and its 200-day moving average price is $52.52. The firm has a market capitalization of $3.40 billion, a PE ratio of -22.36 and a beta of -2.29. Soleno Therapeutics, Inc. has a fifty-two week low of $36.93 and a fifty-two week high of $74.50.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($1.27) EPS for the quarter, missing analysts' consensus estimates of ($0.86) by ($0.41). Research analysts forecast that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on SLNO. HC Wainwright reissued a "buy" rating and issued a $100.00 price objective on shares of Soleno Therapeutics in a research note on Tuesday, April 15th. Piper Sandler upped their price target on shares of Soleno Therapeutics from $93.00 to $145.00 and gave the stock an "overweight" rating in a research report on Thursday. Robert W. Baird raised their price objective on shares of Soleno Therapeutics from $72.00 to $102.00 and gave the company an "outperform" rating in a research report on Thursday, March 27th. Cantor Fitzgerald upped their target price on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the stock an "overweight" rating in a research report on Thursday, March 27th. Finally, Stifel Nicolaus increased their price target on shares of Soleno Therapeutics from $74.00 to $108.00 and gave the company a "buy" rating in a research note on Friday, March 28th. Eight investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Soleno Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $104.67.

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.