Fred Alger Management LLC Buys Shares of 6,145 Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Fred Alger Management LLC acquired a new stake in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,145 shares of the company’s stock, valued at approximately $310,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD bought a new stake in Soleno Therapeutics during the first quarter worth approximately $6,533,000. Sofinnova Investments Inc. grew its stake in Soleno Therapeutics by 267.7% in the 2nd quarter. Sofinnova Investments Inc. now owns 554,359 shares of the company’s stock valued at $22,618,000 after buying an additional 403,584 shares during the last quarter. TD Asset Management Inc raised its holdings in Soleno Therapeutics by 174.0% in the 2nd quarter. TD Asset Management Inc now owns 57,534 shares of the company’s stock worth $2,347,000 after acquiring an additional 36,534 shares during the period. Samlyn Capital LLC lifted its position in Soleno Therapeutics by 128.9% during the 2nd quarter. Samlyn Capital LLC now owns 501,049 shares of the company’s stock worth $20,443,000 after acquiring an additional 282,122 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Soleno Therapeutics during the second quarter valued at about $3,623,000. 97.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on SLNO shares. Oppenheimer boosted their price objective on Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th. Stifel Nicolaus lifted their price target on Soleno Therapeutics from $59.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. HC Wainwright reissued a “buy” rating and issued a $70.00 price objective on shares of Soleno Therapeutics in a research report on Monday, November 11th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $67.00 target price on shares of Soleno Therapeutics in a research report on Friday, September 20th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $74.83.

Insiders Place Their Bets

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 21,633 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total transaction of $1,069,319.19. Following the completion of the transaction, the chief executive officer now directly owns 719,553 shares in the company, valued at $35,567,504.79. This represents a 2.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO James H. Mackaness sold 8,077 shares of Soleno Therapeutics stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total value of $399,246.11. Following the transaction, the chief financial officer now directly owns 119,172 shares of the company’s stock, valued at approximately $5,890,671.96. The trade was a 6.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,818 shares of company stock worth $1,622,194 over the last quarter. Company insiders own 12.30% of the company’s stock.

Soleno Therapeutics Trading Down 5.6 %

SLNO opened at $52.71 on Monday. The stock has a market cap of $2.27 billion, a PE ratio of -15.88 and a beta of -1.44. Soleno Therapeutics, Inc. has a 1 year low of $27.27 and a 1 year high of $60.92. The stock’s 50 day simple moving average is $53.51 and its 200-day simple moving average is $48.67.

Soleno Therapeutics (NASDAQ:SLNO) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($1.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). Equities analysts forecast that Soleno Therapeutics, Inc. will post -3.76 earnings per share for the current fiscal 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.