Soleno Therapeutics, Inc. (NASDAQ:SLNO) Shares Sold by Frazier Life Sciences Management L.P.

Frazier Life Sciences Management L.P. cut its holdings in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) by 20.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 699,159 shares of the company’s stock after selling 176,508 shares during the quarter. Soleno Therapeutics accounts for 1.3% of Frazier Life Sciences Management L.P.’s investment portfolio, making the stock its 19th largest position. Frazier Life Sciences Management L.P. owned approximately 1.62% of Soleno Therapeutics worth $31,427,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in SLNO. Corebridge Financial Inc. increased its position in shares of Soleno Therapeutics by 2.9% in the 4th quarter. Corebridge Financial Inc. now owns 12,720 shares of the company’s stock valued at $572,000 after purchasing an additional 357 shares during the last quarter. Summit Investment Advisors Inc. increased its position in shares of Soleno Therapeutics by 24.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,677 shares of the company’s stock valued at $120,000 after purchasing an additional 522 shares during the last quarter. 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 valued at $32,000 after purchasing an additional 658 shares during the last quarter. US Bancorp DE purchased a new stake in shares of Soleno Therapeutics in the 4th quarter valued at approximately $34,000. Finally, Alliancebernstein L.P. increased its position in shares of Soleno Therapeutics by 3.5% in the 4th quarter. Alliancebernstein L.P. now owns 23,810 shares of the company’s stock valued at $1,070,000 after purchasing an additional 800 shares during the last quarter. 97.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Michael F. Huang sold 14,583 shares of the business’s stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $69.51, for a total value of $1,013,664.33. Following the completion of the transaction, the vice president now owns 36,817 shares of the company’s stock, valued at $2,559,149.67. The trade was a 28.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Bhatnagar Anish sold 699,095 shares of the company’s stock in a transaction that occurred on 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 directly owns 577,076 shares of the company’s stock, valued at $39,021,879.12. This trade represents a 54.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 942,672 shares of company stock valued at $64,058,781 over the last 90 days. Insiders own 12.30% of the company’s stock.

Soleno Therapeutics Trading Down 0.7%

Shares of SLNO opened at $75.05 on Wednesday. The stock has a market cap of $3.78 billion, a P/E ratio of -22.61 and a beta of -2.67. The company has a 50-day moving average of $67.38 and a two-hundred day moving average of $55.33. Soleno Therapeutics, Inc. has a 12-month low of $36.93 and a 12-month high of $80.99.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.95) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.19. As a group, analysts forecast that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SLNO has been the topic of several research analyst reports. Robert W. Baird lifted their price target on shares of Soleno Therapeutics from $102.00 to $105.00 and gave the stock an “outperform” rating in a research note on Thursday, May 8th. Guggenheim lifted their price target on shares of Soleno Therapeutics from $81.00 to $97.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. Laidlaw raised their price objective on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, March 27th. HC Wainwright reissued a “buy” rating and set a $100.00 price objective on shares of Soleno Therapeutics in a research report on Tuesday, April 15th. Finally, Stifel Nicolaus raised their price objective 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. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $106.78.

Soleno Therapeutics Company 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.