Woodline Partners LP Reduces Holdings in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Woodline Partners LP trimmed its stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO) by 25.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 301,562 shares of the company’s stock after selling 100,521 shares during the period. Woodline Partners LP owned approximately 0.70% of Soleno Therapeutics worth $13,555,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. AlphaQuest LLC grew 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 buying an additional 658 shares during the last quarter. US Bancorp DE purchased a new position in shares of Soleno Therapeutics in the 4th quarter valued at $34,000. Springhill Fund Asset Management HK Co Ltd purchased a new position in shares of Soleno Therapeutics in the 4th quarter valued at $81,000. Avior Wealth Management LLC purchased a new position in shares of Soleno Therapeutics in the 4th quarter valued at $89,000. Finally, Summit Investment Advisors Inc. grew 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 buying an additional 522 shares during the last quarter. 97.42% of the stock is owned by hedge funds and other institutional investors.

Soleno Therapeutics Stock Performance

SLNO stock opened at $73.30 on Thursday. Soleno Therapeutics, Inc. has a one year low of $36.93 and a one year high of $80.99. The stock has a market capitalization of $3.69 billion, a PE ratio of -22.08 and a beta of -2.67. The company has a fifty day moving average of $67.86 and a 200-day moving average of $55.45.

Soleno Therapeutics (NASDAQ:SLNO) last released its earnings results on Wednesday, May 7th. The company reported ($0.95) EPS for the quarter, topping the consensus estimate of ($1.14) by $0.19. Equities analysts forecast that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Transactions at Soleno Therapeutics

In related news, CEO Bhatnagar Anish sold 699,095 shares of the firm’s stock in a transaction dated 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 completion of the sale, 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 Securities & Exchange Commission, which is available at this link. Also, insider Patricia C. Hirano sold 3,782 shares of the firm’s stock in a transaction dated 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 owns 27,036 shares of the company’s stock, valued at $1,895,493.96. This trade represents a 12.27% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 942,672 shares of company stock worth $64,058,781. Company insiders own 12.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Guggenheim raised their price objective on shares of Soleno Therapeutics from $81.00 to $97.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. Piper Sandler raised their price objective on shares of Soleno Therapeutics from $93.00 to $145.00 and gave the stock an “overweight” rating in a research report on Thursday, April 24th. Lifesci Capital raised shares of Soleno Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 4th. 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, UBS Group set a $105.00 price objective on shares of Soleno Therapeutics in a research report on Thursday, March 27th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus 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.