Tang Capital Management LLC Buys New Shares in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Tang Capital Management LLC purchased a new stake in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 50,000 shares of the company’s stock, valued at approximately $2,248,000. Tang Capital Management LLC owned 0.12% of Soleno Therapeutics as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SLNO. Janus Henderson Group PLC raised its holdings in Soleno Therapeutics by 27.1% during the fourth quarter. Janus Henderson Group PLC now owns 5,188,265 shares of the company’s stock valued at $233,130,000 after acquiring an additional 1,107,166 shares during the period. Nantahala Capital Management LLC raised its holdings in Soleno Therapeutics by 20.1% during the fourth quarter. Nantahala Capital Management LLC now owns 3,928,966 shares of the company’s stock valued at $176,607,000 after acquiring an additional 658,518 shares during the period. Avoro Capital Advisors LLC raised its holdings in Soleno Therapeutics by 15.8% during the fourth quarter. Avoro Capital Advisors LLC now owns 2,525,000 shares of the company’s stock valued at $113,499,000 after acquiring an additional 344,000 shares during the period. TimesSquare Capital Management LLC bought a new stake in Soleno Therapeutics during the fourth quarter valued at about $15,273,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in Soleno Therapeutics by 24.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,630,718 shares of the company’s stock valued at $73,301,000 after acquiring an additional 321,223 shares during the period. 97.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SLNO shares. Cantor Fitzgerald raised their price target on Soleno Therapeutics from $67.00 to $123.00 and gave the company an “overweight” rating in a report on Thursday, March 27th. Guggenheim raised their price target on Soleno Therapeutics from $81.00 to $97.00 and gave the company a “buy” rating in a report on Thursday, May 8th. Piper Sandler lifted their target price on Soleno Therapeutics from $93.00 to $145.00 and gave the stock an “overweight” rating in a report on Thursday, April 24th. HC Wainwright reissued a “buy” rating and set a $100.00 price target on shares of Soleno Therapeutics in a research note on Tuesday, April 15th. Finally, Robert W. Baird raised their price target on Soleno Therapeutics from $102.00 to $105.00 and gave the company an “outperform” rating in a report on Thursday, May 8th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Soleno Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $106.78.

Soleno Therapeutics Price Performance

NASDAQ:SLNO opened at $75.01 on Friday. Soleno Therapeutics, Inc. has a 1 year low of $36.93 and a 1 year high of $80.99. The stock’s 50 day simple moving average is $66.28 and its two-hundred day simple moving average is $55.05. The company has a market cap of $3.78 billion, a price-to-earnings ratio of -22.59 and a beta of -2.67.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.95) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.19. As a group, analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Bhatnagar Anish sold 699,095 shares of the business’s stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $67.62, for a total transaction of $47,272,803.90. Following the transaction, the chief executive officer now owns 577,076 shares of the company’s stock, valued at approximately $39,021,879.12. The trade was a 54.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Patricia C. Hirano sold 3,782 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $70.11, for a total value of $265,156.02. Following the transaction, the insider now directly owns 27,036 shares in the company, valued at approximately $1,895,493.96. This represents a 12.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 942,672 shares of company stock valued at $64,058,781 in the last quarter. 12.30% of the stock is currently owned by 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.