Vivo Opportunity, Llc Sells 100,000 Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) Stock

Soleno Therapeutics, Inc. (NASDAQ:SLNO) major shareholder Vivo Opportunity, Llc sold 100,000 shares of Soleno Therapeutics stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $47.22, for a total transaction of $4,722,000.00. Following the transaction, the insider now directly owns 6,291,851 shares in the company, valued at $297,101,204.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Vivo Opportunity, Llc also recently made the following trade(s):

• On Tuesday, August 27th, Vivo Opportunity, Llc sold 500,000 shares of Soleno Therapeutics stock. The shares were sold at an average price of $48.73, for a total transaction of $24,365,000.00.

Soleno Therapeutics Price Performance

Shares of NASDAQ:SLNO traded down $0.46 during trading on Thursday, hitting $46.57. 680,936 shares of the company were exchanged, compared to its average volume of 423,165. The stock has a market capitalization of $1.56 billion, a P/E ratio of -17.38 and a beta of -1.39. Soleno Therapeutics, Inc. has a 12-month low of $3.69 and a 12-month high of $53.82. The firm’s 50 day moving average price is $45.97 and its 200-day moving average price is $44.54.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.06. As a group, equities research analysts anticipate that Soleno Therapeutics, Inc. will post -2.36 EPS for the current year.

Institutional Trading of Soleno Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of SLNO. Amalgamated Bank purchased a new stake in Soleno Therapeutics in the 2nd quarter valued at $31,000. Victory Capital Management Inc. raised its position in Soleno Therapeutics by 26.3% in the 2nd quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock valued at $438,000 after purchasing an additional 2,236 shares during the last quarter. Cannon Global Investment Management LLC purchased a new stake in Soleno Therapeutics in the 1st quarter valued at $505,000. Sei Investments Co. raised its position in Soleno Therapeutics by 22.0% in the 1st quarter. Sei Investments Co. now owns 12,577 shares of the company’s stock valued at $538,000 after purchasing an additional 2,264 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Soleno Therapeutics in the 2nd quarter valued at $569,000. Hedge funds and other institutional investors own 97.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SLNO. Baird R W upgraded shares of Soleno Therapeutics to a “strong-buy” rating in a research report on Friday, May 10th. Cantor Fitzgerald reiterated an “overweight” rating and set a $67.00 price target on shares of Soleno Therapeutics in a research report on Wednesday, July 31st. Oppenheimer lifted their price target on shares of Soleno Therapeutics from $59.00 to $65.00 and gave the company an “outperform” rating in a research report on Monday, August 12th. Finally, Robert W. Baird began coverage on shares of Soleno Therapeutics in a research report on Friday, May 10th. They set an “outperform” rating and a $72.00 price target for the company. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $66.67.

About Soleno Therapeutics

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.