Franklin Resources Inc. Takes Position in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Franklin Resources Inc. bought a new stake in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 15,000 shares of the company’s stock, valued at approximately $674,000.

A number of other large investors also recently modified their holdings of the business. Corebridge Financial Inc. lifted its position in shares of Soleno Therapeutics by 2.9% in the 4th quarter. Corebridge Financial Inc. now owns 12,720 shares of the company’s stock worth $572,000 after acquiring an additional 357 shares during the period. AlphaQuest LLC increased its holdings in shares of Soleno Therapeutics by 1,154.4% during the fourth quarter. AlphaQuest LLC now owns 715 shares of the company’s stock worth $32,000 after buying an additional 658 shares in the last quarter. US Bancorp DE bought a new position in shares of Soleno Therapeutics in the fourth quarter valued at approximately $34,000. Alliancebernstein L.P. grew its position in Soleno Therapeutics by 3.5% during the 4th quarter. Alliancebernstein L.P. now owns 23,810 shares of the company’s stock worth $1,070,000 after acquiring an additional 800 shares during the last quarter. Finally, New York State Common Retirement Fund increased its holdings in Soleno Therapeutics by 13.2% during the 4th quarter. New York State Common Retirement Fund now owns 7,717 shares of the company’s stock valued at $347,000 after purchasing an additional 900 shares in the last quarter. 97.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SLNO. Lifesci Capital upgraded shares of Soleno Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 4th. Laidlaw increased their price objective on Soleno Therapeutics from $75.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, March 27th. HC Wainwright reiterated a “buy” rating and issued a $100.00 price target on shares of Soleno Therapeutics in a report on Tuesday. Robert W. Baird boosted their price objective on Soleno Therapeutics from $72.00 to $102.00 and gave the stock an “outperform” rating in a report on Thursday, March 27th. Finally, Cantor Fitzgerald lifted their price target on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the stock an “overweight” rating in a research report on Thursday, March 27th. Seven analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Soleno Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $99.63.

Insider Activity

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 shares were sold at an average price of $67.62, for a total value of $47,272,803.90. Following the transaction, the chief executive officer now owns 577,076 shares in the company, valued at approximately $39,021,879.12. The trade was a 54.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael F. Huang sold 14,583 shares of the stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $69.51, for a total value of $1,013,664.33. Following the sale, the vice president now owns 36,817 shares of the company’s stock, valued at approximately $2,559,149.67. The trade was a 28.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 942,672 shares of company stock valued at $64,058,781 over the last quarter. 12.30% of the stock is owned by company insiders.

Soleno Therapeutics Stock Down 0.5 %

Shares of NASDAQ:SLNO opened at $69.93 on Thursday. The stock has a market cap of $3.21 billion, a PE ratio of -21.06 and a beta of -2.29. Soleno Therapeutics, Inc. has a 12-month low of $36.61 and a 12-month high of $74.00. The business has a 50 day moving average of $54.36 and a 200-day moving average of $51.80.

Soleno Therapeutics (NASDAQ:SLNO) last released its earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.41). Equities research analysts expect that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

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.