Sofinnova Investments Inc. Purchases 403,584 Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Sofinnova Investments Inc. raised its position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) by 267.7% in the second quarter, HoldingsChannel reports. The firm owned 554,359 shares of the company’s stock after acquiring an additional 403,584 shares during the period. Soleno Therapeutics comprises about 1.2% of Sofinnova Investments Inc.’s investment portfolio, making the stock its 22nd largest holding. Sofinnova Investments Inc.’s holdings in Soleno Therapeutics were worth $22,618,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vestal Point Capital LP purchased a new position in shares of Soleno Therapeutics during the fourth quarter valued at $52,325,000. Carlyle Group Inc. raised its holdings in shares of Soleno Therapeutics by 42.5% in the 1st quarter. Carlyle Group Inc. now owns 4,071,562 shares of the company’s stock valued at $173,123,000 after purchasing an additional 1,213,758 shares in the last quarter. Avoro Capital Advisors LLC lifted its position in shares of Soleno Therapeutics by 107.0% in the 1st quarter. Avoro Capital Advisors LLC now owns 1,625,000 shares of the company’s stock worth $69,550,000 after purchasing an additional 840,000 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Soleno Therapeutics during the second quarter valued at approximately $29,778,000. Finally, Janus Henderson Group PLC increased its holdings in Soleno Therapeutics by 13.7% during the first quarter. Janus Henderson Group PLC now owns 2,870,811 shares of the company’s stock valued at $122,698,000 after buying an additional 346,914 shares during the period. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SLNO shares. Oppenheimer boosted their price objective 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. HC Wainwright assumed coverage on Soleno Therapeutics in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $70.00 price target for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $67.00 price objective on shares of Soleno Therapeutics in a research report on Wednesday, July 31st. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Soleno Therapeutics presently has an average rating of “Buy” and an average target price of $67.14.

Soleno Therapeutics Stock Down 0.1 %

Shares of Soleno Therapeutics stock opened at $52.79 on Tuesday. The company has a 50 day moving average price of $48.05 and a 200 day moving average price of $44.57. The firm has a market capitalization of $1.76 billion, a P/E ratio of -19.70 and a beta of -1.46. Soleno Therapeutics, Inc. has a 52 week low of $3.96 and a 52 week high of $54.08.

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

Insider Activity at Soleno Therapeutics

In other Soleno Therapeutics news, major shareholder Vivo Opportunity, Llc sold 500,000 shares of Soleno Therapeutics stock in a transaction dated 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 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Bhatnagar Anish sold 19,256 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $41.54, for a total value of $799,894.24. Following the sale, the chief executive officer now owns 133,534 shares in the company, valued at $5,547,002.36. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the 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 completion of the transaction, the insider now owns 6,816,851 shares in the company, valued at approximately $332,185,149.23. The disclosure for this sale can be found here. Insiders have sold a total of 767,239 shares of company stock valued at $36,744,548 in the last ninety days. Company insiders own 12.30% of the company’s stock.

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.