Pictet Asset Management Holding SA Acquires 276,225 Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Pictet Asset Management Holding SA lifted its holdings in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 48.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 851,838 shares of the company's stock after purchasing an additional 276,225 shares during the quarter. Pictet Asset Management Holding SA owned 1.98% of Soleno Therapeutics worth $38,290,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Janus Henderson Group PLC boosted its holdings 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 last quarter. Vanguard Group Inc. lifted its holdings in shares of Soleno Therapeutics by 19.2% during the 4th quarter. Vanguard Group Inc. now owns 1,884,533 shares of the company's stock valued at $84,710,000 after buying an additional 303,806 shares during the period. State Street Corp boosted its stake in shares of Soleno Therapeutics by 14.2% in the 3rd quarter. State Street Corp now owns 1,142,169 shares of the company's stock worth $57,668,000 after buying an additional 142,033 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Soleno Therapeutics by 73.8% in the third quarter. Wellington Management Group LLP now owns 683,170 shares of the company's stock worth $34,493,000 after acquiring an additional 290,135 shares during the period. Finally, FMR LLC increased its position in Soleno Therapeutics by 6,048,754.5% during the third quarter. FMR LLC now owns 665,374 shares of the company's stock valued at $33,595,000 after acquiring an additional 665,363 shares during the last quarter. 97.42% of the stock is owned by institutional investors.

Insider Buying and Selling at Soleno Therapeutics

In other news, CEO Bhatnagar Anish sold 699,095 shares of the firm'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 completion of the transaction, the chief executive officer now owns 577,076 shares in the company, valued at $39,021,879.12. This trade represents a 54.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Patricia C. Hirano sold 3,782 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $70.11, for a total value of $265,156.02. Following the completion of the sale, the insider now owns 27,036 shares in the company, valued at $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. In the last ninety days, insiders have sold 942,672 shares of company stock worth $64,058,781. Insiders own 12.30% of the company's stock.

Soleno Therapeutics Price Performance

Shares of NASDAQ:SLNO traded down $4.68 during trading on Friday, hitting $67.48. 1,270,316 shares of the company's stock were exchanged, compared to its average volume of 670,666. The business's 50-day simple moving average is $51.19 and its 200 day simple moving average is $50.75. Soleno Therapeutics, Inc. has a 52-week low of $36.61 and a 52-week high of $74.00. The company has a market cap of $3.09 billion, a price-to-earnings ratio of -20.33 and a beta of -2.29.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last announced its quarterly earnings data 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). On average, sell-side analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on SLNO. Cantor Fitzgerald raised their target price on Soleno Therapeutics from $67.00 to $123.00 and gave the stock an "overweight" rating in a research report on Thursday, March 27th. Lifesci Capital raised shares of Soleno Therapeutics to a "strong-buy" rating in a report on Tuesday, February 4th. Laidlaw upped their target price on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the company a "buy" rating in a report on Thursday, March 27th. Stifel Nicolaus increased their price target on shares of Soleno Therapeutics from $74.00 to $108.00 and gave the stock a "buy" rating in a research report on Friday, March 28th. Finally, Robert W. Baird upped their price target on Soleno Therapeutics from $72.00 to $102.00 and gave the stock an "outperform" rating in a research report on Thursday, March 27th. Seven analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $99.63.

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.