Atika Capital Management LLC Purchases New Stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Atika Capital Management LLC acquired a new stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 70,700 shares of the company's stock, valued at approximately $3,178,000. Atika Capital Management LLC owned 0.16% of Soleno Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AlphaQuest LLC boosted its stake in shares of Soleno Therapeutics by 1,154.4% during 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 purchased a new stake in shares of Soleno Therapeutics in the fourth quarter valued at $34,000. Avanza Fonder AB purchased a new position in shares of Soleno Therapeutics during the 4th quarter worth about $76,000. Avior Wealth Management LLC purchased a new stake in shares of Soleno Therapeutics during the 4th quarter valued at $89,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Soleno Therapeutics in the 3rd quarter worth about $155,000. 97.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Michael F. Huang sold 14,583 shares of Soleno Therapeutics stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $69.51, for a total value of $1,013,664.33. Following the transaction, the vice president now owns 36,817 shares of the company's stock, valued at $2,559,149.67. The trade was a 28.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Bhatnagar Anish sold 699,095 shares of the firm's stock in a transaction on 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 sale, the chief executive officer now directly owns 577,076 shares of the company's stock, valued at approximately $39,021,879.12. This represents a 54.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 942,672 shares of company stock worth $64,058,781 over the last three months. Corporate insiders own 12.30% of the company's stock.

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Soleno Therapeutics Price Performance

Shares of NASDAQ SLNO traded up $2.08 during midday trading on Friday, hitting $64.95. 344,753 shares of the company's stock were exchanged, compared to its average volume of 703,603. Soleno Therapeutics, Inc. has a twelve month low of $36.61 and a twelve month high of $74.00. The firm has a market cap of $2.98 billion, a P/E ratio of -19.65 and a beta of -2.29. The stock's 50 day moving average price is $52.86 and its 200-day moving average price is $51.25.

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

Analyst Upgrades and Downgrades

Several research firms recently commented on SLNO. Laidlaw boosted their price target on Soleno Therapeutics from $75.00 to $105.00 and gave the stock a "buy" rating in a research report on Thursday, March 27th. Cantor Fitzgerald raised their price objective on Soleno Therapeutics from $67.00 to $123.00 and gave the stock an "overweight" rating in a research note on Thursday, March 27th. HC Wainwright lifted their price objective on shares of Soleno Therapeutics from $70.00 to $100.00 and gave the stock a "buy" rating in a report on Monday, March 31st. Robert W. Baird raised their price target on shares of Soleno Therapeutics from $72.00 to $102.00 and gave the stock an "outperform" rating in a research report on Thursday, March 27th. Finally, UBS Group set a $105.00 price objective on shares of Soleno Therapeutics in a research report on Thursday, March 27th. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $99.63.

Soleno Therapeutics 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.