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

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

Soleno Therapeutics Stock Performance

SLNO stock traded up $2.88 on Wednesday, reaching $47.54. The company’s stock had a trading volume of 433,148 shares, compared to its average volume of 344,855. The business has a fifty day simple moving average of $42.98 and a two-hundred day simple moving average of $38.14. Soleno Therapeutics, Inc. has a 12-month low of $3.48 and a 12-month high of $53.82. The firm has a market cap of $1.59 billion, a PE ratio of -16.16 and a beta of -1.56.

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

Institutional Investors Weigh In On Soleno Therapeutics

Large investors have recently bought and sold shares of the business. Carlyle Group Inc. lifted its position in shares of Soleno Therapeutics by 24.6% during the 4th quarter. Carlyle Group Inc. now owns 2,857,804 shares of the company’s stock valued at $115,039,000 after buying an additional 564,242 shares in the last quarter. Walleye Capital LLC purchased a new position in Soleno Therapeutics in the 3rd quarter worth approximately $1,365,000. Schonfeld Strategic Advisors LLC purchased a new position in Soleno Therapeutics in the 3rd quarter worth approximately $685,000. Emerald Mutual Fund Advisers Trust purchased a new position in Soleno Therapeutics in the 3rd quarter worth approximately $5,941,000. Finally, Silverarc Capital Management LLC purchased a new position in Soleno Therapeutics in the 3rd quarter worth approximately $10,919,000. 97.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SLNO has been the topic of a number of recent analyst reports. Stifel Nicolaus initiated coverage on shares of Soleno Therapeutics in a report on Tuesday, January 23rd. They issued a “buy” rating and a $63.00 price target on the stock. Piper Sandler started coverage on shares of Soleno Therapeutics in a report on Monday, February 5th. They issued an “overweight” rating and a $93.00 price target on the stock. Finally, Oppenheimer upped their price objective on shares of Soleno Therapeutics from $44.00 to $47.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 2nd. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Soleno Therapeutics currently has an average 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.