The Manufacturers Life Insurance Company Raises Position in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

The Manufacturers Life Insurance Company lifted its stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO) by 120.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,408 shares of the company’s stock after purchasing an additional 27,020 shares during the period. The Manufacturers Life Insurance Company owned 0.15% of Soleno Therapeutics worth $2,016,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Wellington Management Group LLP bought a new stake in Soleno Therapeutics during the fourth quarter valued at about $8,557,000. Cannon Global Investment Management LLC purchased a new stake in Soleno Therapeutics in the 1st quarter worth approximately $505,000. Allspring Global Investments Holdings LLC purchased a new stake in Soleno Therapeutics in the 1st quarter worth approximately $4,444,000. Carlyle Group Inc. raised its stake in Soleno Therapeutics by 42.5% during the 1st quarter. Carlyle Group Inc. now owns 4,071,562 shares of the company’s stock worth $173,123,000 after acquiring an additional 1,213,758 shares during the period. Finally, Swiss National Bank lifted its holdings in Soleno Therapeutics by 32.0% during the first quarter. Swiss National Bank now owns 30,100 shares of the company’s stock valued at $1,288,000 after purchasing an additional 7,300 shares in the last quarter. 97.42% of the stock is owned by institutional investors.

Soleno Therapeutics Stock Down 1.7 %

Shares of Soleno Therapeutics stock opened at $51.08 on Thursday. Soleno Therapeutics, Inc. has a twelve month low of $21.30 and a twelve month high of $56.81. The business has a 50-day moving average price of $49.00 and a 200-day moving average price of $45.20. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of -19.06 and a beta of -1.45.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly 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. On average, equities analysts expect that Soleno Therapeutics, Inc. will post -2.28 EPS for the current fiscal year.

Insider Activity at Soleno Therapeutics

In related news, insider Kristen Yen sold 3,108 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $153,628.44. Following the sale, the insider now owns 81,465 shares of the company’s stock, valued at $4,026,814.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $48.73, for a total transaction of $24,365,000.00. Following the transaction, the insider now owns 6,816,851 shares of the company’s stock, valued at approximately $332,185,149.23. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kristen Yen sold 3,108 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total value of $153,628.44. Following the sale, the insider now owns 81,465 shares in the company, valued at $4,026,814.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 771,441 shares of company stock valued at $37,178,033. 12.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

SLNO has been the subject of a number of analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $67.00 price objective on shares of Soleno Therapeutics in a research note on Friday, September 20th. Stifel Nicolaus raised their price target on Soleno Therapeutics from $59.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. HC Wainwright initiated coverage on Soleno Therapeutics in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $70.00 price objective on the stock. Finally, Oppenheimer increased their target price on Soleno Therapeutics from $59.00 to $65.00 and gave the stock an “outperform” rating in a research report on Monday, August 12th. Seven 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, Soleno Therapeutics presently has a consensus rating of “Buy” and an average price target of $68.71.

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.