Sofinnova Investments Inc. Raises Stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Sofinnova Investments Inc. increased its position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) by 267.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 554,359 shares of the company’s stock after purchasing an additional 403,584 shares during the period. Soleno Therapeutics accounts for 1.2% of Sofinnova Investments Inc.’s portfolio, making the stock its 22nd largest holding. Sofinnova Investments Inc. owned 1.66% of Soleno Therapeutics worth $22,618,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Swiss National Bank bought a new position in Soleno Therapeutics in the 4th quarter worth approximately $918,000. Wellington Management Group LLP purchased a new position in Soleno Therapeutics during the fourth quarter valued at $8,557,000. Rafferty Asset Management LLC bought a new stake in Soleno Therapeutics in the 4th quarter valued at $2,088,000. Allspring Global Investments Holdings LLC purchased a new stake in Soleno Therapeutics in the 1st quarter worth $4,444,000. Finally, Price T Rowe Associates Inc. MD bought a new position in shares of Soleno Therapeutics during the 1st quarter valued at about $6,533,000. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Soleno Therapeutics Stock Performance

Shares of Soleno Therapeutics stock opened at $52.79 on Tuesday. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of -19.70 and a beta of -1.46. The stock has a 50 day moving average price of $48.05 and a 200-day moving average price of $44.57. Soleno Therapeutics, Inc. has a one year low of $3.96 and a one year high of $54.08.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.06. Sell-side analysts predict that Soleno Therapeutics, Inc. will post -2.28 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SLNO shares. Oppenheimer boosted their target price on Soleno Therapeutics from $59.00 to $65.00 and gave the stock an “outperform” rating in a research report on Monday, August 12th. HC Wainwright initiated coverage on Soleno Therapeutics in a research report on Tuesday, September 3rd. They set a “buy” rating and a $70.00 target price for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $67.00 price target on shares of Soleno Therapeutics in a research report on Wednesday, July 31st. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $67.14.

Insider Activity at Soleno Therapeutics

In related news, CFO James H. Mackaness sold 7,190 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $41.54, for a total value of $298,672.60. Following the sale, the chief financial officer now directly owns 55,763 shares of the company’s stock, valued at approximately $2,316,395.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Bhatnagar Anish sold 19,256 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $41.54, for a total transaction of $799,894.24. Following the completion of the sale, the chief executive officer now directly owns 133,534 shares of the company’s stock, valued at $5,547,002.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James H. Mackaness sold 7,190 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $41.54, for a total transaction of $298,672.60. Following the completion of the transaction, the chief financial officer now directly owns 55,763 shares in the company, valued at approximately $2,316,395.02. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 767,239 shares of company stock worth $36,744,548. Insiders own 12.30% of the company’s stock.

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.