Insider Selling: Soleno Therapeutics, Inc. (NASDAQ:SLNO) Major Shareholder Sells $35,850,000.00 in Stock

Soleno Therapeutics, Inc. (NASDAQ:SLNO) major shareholder Vivo Opportunity, Llc sold 750,000 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $47.80, for a total transaction of $35,850,000.00. Following the completion of the transaction, the insider now directly owns 7,668,093 shares in the company, valued at $366,534,845.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Soleno Therapeutics Stock Performance

Soleno Therapeutics stock opened at $45.12 on Friday. The stock has a market cap of $1.51 billion, a PE ratio of -15.19 and a beta of -1.51. Soleno Therapeutics, Inc. has a fifty-two week low of $3.56 and a fifty-two week high of $53.82. The firm’s 50-day simple moving average is $42.89 and its 200 day simple moving average is $38.42.

Soleno Therapeutics (NASDAQ:SLNO) last released its earnings results on Wednesday, March 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). As a group, analysts predict that Soleno Therapeutics, Inc. will post -1.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Carlyle Group Inc. boosted its holdings in shares of Soleno Therapeutics by 42.5% in the 1st quarter. Carlyle Group Inc. now owns 4,071,562 shares of the company’s stock worth $173,123,000 after buying an additional 1,213,758 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Soleno Therapeutics in the first quarter worth about $4,444,000. Cannon Global Investment Management LLC purchased a new position in Soleno Therapeutics in the first quarter valued at about $505,000. Wellington Management Group LLP bought a new position in shares of Soleno Therapeutics during the 4th quarter valued at approximately $8,557,000. Finally, Avoro Capital Advisors LLC bought a new position in shares of Soleno Therapeutics during the 4th quarter valued at approximately $31,596,000. Institutional investors own 97.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SLNO. Stifel Nicolaus began coverage on shares of Soleno Therapeutics in a report on Tuesday, January 23rd. They issued a “buy” rating and a $63.00 target price on the stock. Piper Sandler assumed coverage on Soleno Therapeutics in a report on Monday, February 5th. They issued an “overweight” rating and a $93.00 target price on the stock. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Soleno Therapeutics has an average rating of “Buy” and a consensus target price of $55.60.

About Soleno Therapeutics

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.