Bryce Point Capital LLC Invests $620,000 in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Bryce Point Capital LLC acquired a new stake in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 13,802 shares of the company's stock, valued at approximately $620,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its position in Soleno Therapeutics by 21.5% in the third quarter. Janus Henderson Group PLC now owns 4,081,099 shares of the company's stock worth $206,016,000 after purchasing an additional 722,226 shares during the period. Vanguard Group Inc. grew its stake in Soleno Therapeutics by 19.2% in the fourth quarter. Vanguard Group Inc. now owns 1,884,533 shares of the company's stock valued at $84,710,000 after acquiring an additional 303,806 shares during the period. State Street Corp increased its stake in Soleno Therapeutics by 14.2% during the 3rd quarter. State Street Corp now owns 1,142,169 shares of the company's stock worth $57,668,000 after purchasing an additional 142,033 shares in the last quarter. Pictet Asset Management Holding SA increased its position in shares of Soleno Therapeutics by 48.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 851,838 shares of the company's stock worth $38,290,000 after acquiring an additional 276,225 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in Soleno Therapeutics by 14.5% during the 4th quarter. Wellington Management Group LLP now owns 782,265 shares of the company's stock worth $35,163,000 after purchasing an additional 99,095 shares in the last quarter. Institutional investors and hedge funds own 97.42% of the company's stock.

Remove Ads

Insider Activity

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 128,653 shares of Soleno Therapeutics stock in a transaction on Thursday, March 27th. The shares were 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 of the company's stock, valued at $3,811,504.48. The trade was a 69.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Bhatnagar Anish sold 699,095 shares of the business's 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 in the company, valued at approximately $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 sold a total of 942,672 shares of company stock worth $64,058,781 over the last quarter. 12.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on SLNO. Robert W. Baird boosted their target price on Soleno Therapeutics from $72.00 to $102.00 and gave the company an "outperform" rating in a research note on Thursday, March 27th. Laidlaw raised their target price 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. Guggenheim reiterated a "buy" rating and set a $81.00 price target (up previously from $70.00) on shares of Soleno Therapeutics in a report on Friday, March 28th. Lifesci Capital raised Soleno Therapeutics to a "strong-buy" rating in a report on Tuesday, February 4th. Finally, UBS Group set a $105.00 target price on Soleno Therapeutics in a research report on Thursday, March 27th. Seven analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $99.63.

Soleno Therapeutics Price Performance

NASDAQ SLNO traded down $1.77 during mid-day trading on Tuesday, reaching $67.88. 790,381 shares of the stock were exchanged, compared to its average volume of 676,749. The stock has a 50 day simple moving average of $51.64 and a 200-day simple moving average of $50.84. Soleno Therapeutics, Inc. has a one year low of $36.61 and a one year high of $74.00. The stock has a market cap of $3.11 billion, a P/E ratio of -20.49 and a beta of -2.29.

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

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.