Fred Alger Management LLC Purchases New Shares in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Fred Alger Management LLC purchased a new position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 6,145 shares of the company’s stock, valued at approximately $310,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Amalgamated Bank purchased a new stake in shares of Soleno Therapeutics during the second quarter worth about $31,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Soleno Therapeutics during the 3rd quarter worth $155,000. Curi RMB Capital LLC bought a new stake in shares of Soleno Therapeutics in the 3rd quarter worth about $202,000. Intech Investment Management LLC acquired a new stake in Soleno Therapeutics during the third quarter valued at approximately $262,000. Finally, Victory Capital Management Inc. raised its position in shares of Soleno Therapeutics by 26.3% during the 2nd quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock valued at $438,000 after acquiring an additional 2,236 shares in the last quarter. Institutional investors and hedge funds own 97.42% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Oppenheimer increased their price objective on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a research note on Monday, October 28th. Stifel Nicolaus boosted their price target on shares of Soleno Therapeutics from $59.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. HC Wainwright reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Soleno Therapeutics in a report on Monday, November 11th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $67.00 target price on shares of Soleno Therapeutics in a research note on Friday, September 20th. Six 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 presently has a consensus rating of “Buy” and a consensus price target of $74.83.

Soleno Therapeutics Stock Down 5.6 %

Shares of Soleno Therapeutics stock opened at $52.71 on Monday. The business has a fifty day simple moving average of $53.51 and a 200-day simple moving average of $48.67. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of -15.88 and a beta of -1.44. Soleno Therapeutics, Inc. has a fifty-two week low of $27.27 and a fifty-two week high of $60.92.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($1.83) earnings per share for the quarter, missing the consensus estimate of ($0.61) by ($1.22). Analysts anticipate that Soleno Therapeutics, Inc. will post -3.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Soleno Therapeutics news, CFO James H. Mackaness sold 8,077 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total transaction of $399,246.11. Following the sale, the chief financial officer now owns 119,172 shares in the company, valued at approximately $5,890,671.96. The trade was a 6.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Bhatnagar Anish sold 21,633 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $1,069,319.19. Following the sale, the chief executive officer now directly owns 719,553 shares of the company’s stock, valued at $35,567,504.79. This represents a 2.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,818 shares of company stock worth $1,622,194. 12.30% of the stock is owned by insiders.

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.