Invesco Ltd. Lowers Holdings in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Invesco Ltd. trimmed its position in Soleno Therapeutics, Inc. (NASDAQ:SLNO) by 96.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,012 shares of the company’s stock after selling 322,157 shares during the period. Invesco Ltd.’s holdings in Soleno Therapeutics were worth $540,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SLNO. TimesSquare Capital Management LLC purchased a new position in shares of Soleno Therapeutics during the fourth quarter worth about $15,273,000. Vanguard Group Inc. lifted its position in Soleno Therapeutics by 19.2% during the fourth quarter. Vanguard Group Inc. now owns 1,884,533 shares of the company’s stock valued at $84,710,000 after purchasing an additional 303,806 shares during the last quarter. Pictet Asset Management Holding SA grew its stake in Soleno Therapeutics by 48.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 851,838 shares of the company’s stock worth $38,290,000 after buying an additional 276,225 shares in the last quarter. Emerald Advisers LLC increased its holdings in shares of Soleno Therapeutics by 85.4% in the 4th quarter. Emerald Advisers LLC now owns 580,919 shares of the company’s stock worth $26,112,000 after buying an additional 267,585 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Soleno Therapeutics by 14.5% in the 4th quarter. Wellington Management Group LLP now owns 782,265 shares of the company’s stock worth $35,163,000 after buying an additional 99,095 shares during the last quarter. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Soleno Therapeutics

In other news, insider Patricia C. Hirano sold 128,653 shares of Soleno Therapeutics stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $68.32, for a total value of $8,789,572.96. Following the completion of the transaction, the insider now owns 55,789 shares in the company, valued at approximately $3,811,504.48. The trade was a 69.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Pauls sold 5,937 shares of Soleno Therapeutics stock in a transaction on Friday, March 28th. The stock was sold at an average price of $71.55, for a total transaction of $424,792.35. Following the transaction, the director now directly owns 6,500 shares of the company’s stock, valued at $465,075. The trade was a 47.74 % decrease in their ownership of the stock. 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 over the last 90 days. 12.30% of the stock is owned by corporate insiders.

Soleno Therapeutics Price Performance

Shares of NASDAQ SLNO opened at $75.23 on Friday. The stock has a market cap of $3.75 billion, a PE ratio of -22.66 and a beta of -2.67. Soleno Therapeutics, Inc. has a 1 year low of $36.93 and a 1 year high of $76.56. The firm has a fifty day moving average price of $60.27 and a 200-day moving average price of $53.60.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.41). On average, research analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SLNO shares. Piper Sandler upped their target price on shares of Soleno Therapeutics from $93.00 to $145.00 and gave the stock an “overweight” rating in a research report on Thursday, April 24th. Lifesci Capital upgraded Soleno Therapeutics to a “strong-buy” rating in a report on Tuesday, February 4th. Guggenheim reiterated a “buy” rating and set a $81.00 price objective (up from $70.00) on shares of Soleno Therapeutics in a research report on Friday, March 28th. UBS Group set a $105.00 target price on Soleno Therapeutics in a research report on Thursday, March 27th. Finally, Laidlaw increased their price target on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, March 27th. Eight analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Soleno Therapeutics has a consensus rating of “Buy” and a consensus target price of $104.67.

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.