Avoro Capital Advisors LLC Purchases 344,000 Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Avoro Capital Advisors LLC grew its holdings in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 15.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,525,000 shares of the company's stock after acquiring an additional 344,000 shares during the period. Soleno Therapeutics comprises about 1.6% of Avoro Capital Advisors LLC's investment portfolio, making the stock its 16th biggest holding. Avoro Capital Advisors LLC owned approximately 5.86% of Soleno Therapeutics worth $113,499,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. AlphaQuest LLC increased its position 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 purchasing an additional 658 shares during the last quarter. US Bancorp DE bought a new stake in shares of Soleno Therapeutics in the 4th quarter valued at approximately $34,000. Avanza Fonder AB bought a new stake in Soleno Therapeutics during the fourth quarter valued at $76,000. Springhill Fund Asset Management HK Co Ltd acquired a new stake in Soleno Therapeutics during the fourth quarter worth about $81,000. Finally, Avior Wealth Management LLC bought a new position in Soleno Therapeutics in the fourth quarter worth about $89,000. Institutional investors and hedge funds own 97.42% of the company's stock.

Soleno Therapeutics Price Performance

NASDAQ SLNO traded up $1.96 on Thursday, hitting $74.23. 1,364,576 shares of the company were exchanged, compared to its average volume of 733,483. Soleno Therapeutics, Inc. has a twelve month low of $36.93 and a twelve month high of $74.50. The firm has a market capitalization of $3.40 billion, a P/E ratio of -22.36 and a beta of -2.29. The company's 50 day moving average price is $56.41 and its 200-day moving average price is $52.52.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.41). As a group, equities analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Wall Street Analyst Weigh In

SLNO has been the topic of a number of analyst reports. Stifel Nicolaus increased their price objective on shares of Soleno Therapeutics from $74.00 to $108.00 and gave the stock a "buy" rating in a report on Friday, March 28th. Laidlaw raised their price objective on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the company a "buy" rating in a research note on Thursday, March 27th. Robert W. Baird upped their target price on Soleno Therapeutics from $72.00 to $102.00 and gave the stock an "outperform" rating in a research report on Thursday, March 27th. UBS Group set a $105.00 price target on Soleno Therapeutics in a research report on Thursday, March 27th. Finally, Guggenheim restated a "buy" rating and issued a $81.00 price objective (up previously from $70.00) on shares of Soleno Therapeutics in a report on Friday, March 28th. Eight analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $104.67.

Insider Activity

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

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.