Soleno Therapeutics, Inc. (NASDAQ:SLNO) Major Shareholder Vivo Opportunity, Llc Sells 750,000 Shares

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

Soleno Therapeutics Stock Performance

Shares of SLNO stock opened at $47.54 on Thursday. The stock’s fifty day moving average is $42.96 and its two-hundred day moving average is $38.20. The firm has a market capitalization of $1.59 billion, a P/E ratio of -16.01 and a beta of -1.56. Soleno Therapeutics, Inc. has a fifty-two week low of $3.48 and a fifty-two week high of $53.82.

Soleno Therapeutics (NASDAQ:SLNO) last announced its quarterly earnings data on Wednesday, March 6th. The company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). On average, equities analysts forecast that Soleno Therapeutics, Inc. will post -1.23 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SLNO. Bank of New York Mellon Corp purchased a new position in shares of Soleno Therapeutics during the 3rd quarter worth $280,000. Aspiriant LLC purchased a new position in shares of Soleno Therapeutics during the 4th quarter worth $488,000. Cannon Global Investment Management LLC purchased a new position in shares of Soleno Therapeutics during the 1st quarter worth $505,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Soleno Therapeutics during the 3rd quarter worth $685,000. Finally, Maven Securities LTD purchased a new position in shares of Soleno Therapeutics during the 3rd quarter worth $738,000. Hedge funds and other institutional investors own 97.42% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.