Soleno Therapeutics, Inc. (NASDAQ:SLNO) Holdings Lifted by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 120.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,408 shares of the company's stock after purchasing an additional 27,020 shares during the period. The Manufacturers Life Insurance Company owned 0.15% of Soleno Therapeutics worth $2,016,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in SLNO. Amalgamated Bank acquired a new stake in shares of Soleno Therapeutics during the second quarter worth $31,000. Victory Capital Management Inc. lifted its holdings in shares of Soleno Therapeutics by 26.3% during the second quarter. Victory Capital Management Inc. now owns 10,727 shares of the company's stock worth $438,000 after purchasing an additional 2,236 shares during the period. Cannon Global Investment Management LLC acquired a new stake in shares of Soleno Therapeutics during the first quarter worth $505,000. Sei Investments Co. lifted its holdings in shares of Soleno Therapeutics by 22.0% during the first quarter. Sei Investments Co. now owns 12,577 shares of the company's stock worth $538,000 after purchasing an additional 2,264 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in shares of Soleno Therapeutics during the second quarter worth $569,000. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. HC Wainwright assumed coverage on Soleno Therapeutics in a report on Tuesday, September 3rd. They set a "buy" rating and a $70.00 price target for the company. Oppenheimer raised their target price on Soleno Therapeutics from $59.00 to $65.00 and gave the company an "outperform" rating in a report on Monday, August 12th. Cantor Fitzgerald reissued an "overweight" rating and issued a $67.00 target price on shares of Soleno Therapeutics in a report on Friday, September 20th. Finally, Stifel Nicolaus lifted their price target on Soleno Therapeutics from $59.00 to $74.00 and gave the stock a "buy" rating in a research note on Tuesday, October 1st. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $68.71.

Soleno Therapeutics Price Performance

NASDAQ SLNO traded down $0.28 on Thursday, reaching $50.80. The company had a trading volume of 795,442 shares, compared to its average volume of 455,127. The firm has a market capitalization of $1.70 billion, a PE ratio of -18.94 and a beta of -1.45. Soleno Therapeutics, Inc. has a 1 year low of $21.30 and a 1 year high of $56.81. The firm has a 50-day moving average of $49.05 and a 200-day moving average of $45.24.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.57) earnings per share for the quarter, topping analysts' consensus estimates of ($0.63) by $0.06. As a group, sell-side analysts expect that Soleno Therapeutics, Inc. will post -2.28 EPS for the current fiscal year.

Insider Activity

In other news, insider Kristen Yen sold 3,108 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total transaction of $153,628.44. Following the completion of the transaction, the insider now directly owns 81,465 shares in the company, valued at approximately $4,026,814.95. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Soleno Therapeutics news, CFO James H. Mackaness sold 6,849 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $45.77, for a total value of $313,478.73. Following the sale, the chief financial officer now directly owns 148,914 shares of the company's stock, valued at $6,815,793.78. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kristen Yen sold 3,108 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total value of $153,628.44. Following the completion of the sale, the insider now directly owns 81,465 shares in the company, valued at $4,026,814.95. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 771,441 shares of company stock worth $37,178,033. 12.30% of the stock is currently owned by insiders.

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.