Franklin Resources Inc. Makes New Investment in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Franklin Resources Inc. acquired a new position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 15,000 shares of the company's stock, valued at approximately $674,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. TimesSquare Capital Management LLC bought a new stake in shares of Soleno Therapeutics in the fourth quarter valued at about $15,273,000. Vanguard Group Inc. raised its stake in Soleno Therapeutics by 19.2% in the 4th quarter. Vanguard Group Inc. now owns 1,884,533 shares of the company's stock worth $84,710,000 after purchasing an additional 303,806 shares in the last quarter. Pictet Asset Management Holding SA boosted its holdings in Soleno Therapeutics by 48.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 851,838 shares of the company's stock valued at $38,290,000 after purchasing an additional 276,225 shares during the period. Emerald Advisers LLC grew its position in shares of Soleno Therapeutics by 85.4% during the 4th quarter. Emerald Advisers LLC now owns 580,919 shares of the company's stock worth $26,112,000 after purchasing an additional 267,585 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Soleno Therapeutics by 14.2% during the third 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 during the period. Institutional investors and hedge funds own 97.42% of the company's stock.

Soleno Therapeutics Trading Up 0.1 %

Soleno Therapeutics stock traded up $0.05 during mid-day trading on Friday, reaching $69.98. The company had a trading volume of 1,236,195 shares, compared to its average volume of 725,088. The business has a fifty day simple moving average of $55.17 and a 200 day simple moving average of $52.07. The company has a market cap of $3.21 billion, a P/E ratio of -21.08 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 $74.00.

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). Research analysts forecast that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Analyst Upgrades and Downgrades

SLNO has been the topic of a number of analyst reports. Stifel Nicolaus increased their price target on Soleno Therapeutics from $74.00 to $108.00 and gave the stock a "buy" rating in a research report on Friday, March 28th. Robert W. Baird increased their target price on Soleno Therapeutics from $72.00 to $102.00 and gave the stock an "outperform" rating in a report on Thursday, March 27th. HC Wainwright reaffirmed a "buy" rating and issued a $100.00 price target on shares of Soleno Therapeutics in a research note on Tuesday. Cantor Fitzgerald increased their price objective on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the stock an "overweight" rating in a research note on Thursday, March 27th. Finally, Lifesci Capital raised shares of Soleno Therapeutics to a "strong-buy" rating in a report on Tuesday, February 4th. Seven analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Soleno Therapeutics currently has a consensus rating of "Buy" and an average target price of $99.63.

Insider Buying and Selling

In other news, CEO Bhatnagar Anish sold 699,095 shares of the business's stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $67.62, for a total value 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. The trade was a 54.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patricia C. Hirano sold 3,782 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $70.11, for a total transaction of $265,156.02. Following the completion of the sale, the insider now directly owns 27,036 shares in the company, valued at approximately $1,895,493.96. This represents a 12.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 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.

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.