Bank of New York Mellon Corp Purchases New Position in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Bank of New York Mellon Corp acquired a new position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) during the second quarter, HoldingsChannel reports. The institutional investor acquired 88,799 shares of the company’s stock, valued at approximately $3,623,000.

Several other institutional investors have also modified their holdings of SLNO. Swiss National Bank purchased a new position in shares of Soleno Therapeutics in the 4th quarter valued at $918,000. Wellington Management Group LLP acquired a new stake in shares of Soleno Therapeutics during the fourth quarter worth about $8,557,000. Rafferty Asset Management LLC purchased a new stake in shares of Soleno Therapeutics in the 4th quarter valued at about $2,088,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Soleno Therapeutics in the 1st quarter valued at about $4,444,000. Finally, Price T Rowe Associates Inc. MD purchased a new position in Soleno Therapeutics during the 1st quarter worth approximately $6,533,000. Hedge funds and other institutional investors own 97.42% of the company’s stock.

Insider Buying and Selling at Soleno Therapeutics

In other news, insider Kristen Yen sold 2,170 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $41.54, for a total transaction of $90,141.80. Following the completion of the transaction, the insider now directly owns 21,252 shares of the company’s stock, valued at approximately $882,808.08. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Kristen Yen sold 2,170 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $41.54, for a total transaction of $90,141.80. Following the transaction, the insider now directly owns 21,252 shares of the company’s stock, valued at approximately $882,808.08. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $48.73, for a total transaction of $24,365,000.00. Following the completion of the sale, the insider now owns 6,816,851 shares of the company’s stock, valued at approximately $332,185,149.23. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 767,239 shares of company stock valued at $36,744,548. 12.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SLNO shares. HC Wainwright started coverage on Soleno Therapeutics in a report on Tuesday, September 3rd. They issued a “buy” rating and a $70.00 price objective for the company. Oppenheimer increased their price target on shares of Soleno Therapeutics from $59.00 to $65.00 and gave the stock an “outperform” rating in a research note on Monday, August 12th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $67.00 price objective on shares of Soleno Therapeutics in a research note on Wednesday, July 31st. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $67.14.

Soleno Therapeutics Price Performance

NASDAQ:SLNO opened at $52.84 on Friday. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of -19.72 and a beta of -1.46. Soleno Therapeutics, Inc. has a 1-year low of $3.96 and a 1-year high of $54.08. The firm’s fifty day moving average price is $47.84 and its 200 day moving average price is $44.59.

Soleno Therapeutics (NASDAQ:SLNO) last issued its earnings results on Wednesday, August 7th. The company reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.06. As a group, analysts expect that Soleno Therapeutics, Inc. will post -2.28 earnings per share for the current fiscal year.

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.