Cannon Global Investment Management LLC Makes New $505,000 Investment in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Cannon Global Investment Management LLC acquired a new position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 11,800 shares of the company’s stock, valued at approximately $505,000. Soleno Therapeutics accounts for about 1.4% of Cannon Global Investment Management LLC’s portfolio, making the stock its 23rd largest position.

Several other large investors have also modified their holdings of SLNO. Schonfeld Strategic Advisors LLC purchased a new position in shares of Soleno Therapeutics during the 3rd quarter worth about $685,000. 683 Capital Management LLC purchased a new position in shares of Soleno Therapeutics during the 3rd quarter worth about $2,567,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of Soleno Therapeutics during the 3rd quarter worth about $39,160,000. RA Capital Management L.P. purchased a new position in shares of Soleno Therapeutics during the 3rd quarter worth about $36,563,000. Finally, Walleye Capital LLC purchased a new position in shares of Soleno Therapeutics during the 3rd quarter worth about $1,365,000. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on SLNO shares. Oppenheimer cut their price target on shares of Soleno Therapeutics from $65.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday, May 13th. Robert W. Baird started coverage on shares of Soleno Therapeutics in a report on Friday, May 10th. They issued an “outperform” rating and a $72.00 price target on the stock. Finally, Baird R W upgraded shares of Soleno Therapeutics to a “strong-buy” rating in a report on Friday, May 10th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $60.33.

Soleno Therapeutics Trading Down 2.3 %

NASDAQ:SLNO traded down $0.95 during trading hours on Friday, hitting $40.80. The stock had a trading volume of 3,615,558 shares, compared to its average volume of 448,465. Soleno Therapeutics, Inc. has a 1-year low of $3.69 and a 1-year high of $53.82. The business has a 50 day simple moving average of $43.20 and a two-hundred day simple moving average of $43.23. The company has a market cap of $1.36 billion, a PE ratio of -15.22 and a beta of -1.40.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.29). Research analysts expect that Soleno Therapeutics, Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling at Soleno Therapeutics

In other news, insider Kristen Yen sold 2,218 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $41.34, for a total transaction of $91,692.12. Following the completion of the sale, the insider now owns 23,422 shares of the company’s stock, valued at $968,265.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Bhatnagar Anish sold 18,980 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $41.34, for a total transaction of $784,633.20. Following the completion of the sale, the chief executive officer now owns 152,790 shares of the company’s stock, valued at $6,316,338.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kristen Yen sold 2,218 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $41.34, for a total transaction of $91,692.12. Following the sale, the insider now directly owns 23,422 shares of the company’s stock, valued at approximately $968,265.48. The disclosure for this sale can be found here. Insiders sold 776,373 shares of company stock valued at $36,940,260 over the last 90 days. 12.30% of the stock is owned by corporate insiders.

Soleno Therapeutics 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.