Rafferty Asset Management LLC Acquires 45,076 Shares of Soleno Therapeutics, Inc. $SLNO

Rafferty Asset Management LLC raised its stake in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) by 95.1% during the 3rd quarter, Holdings Channel reports. The fund owned 92,475 shares of the company’s stock after purchasing an additional 45,076 shares during the period. Rafferty Asset Management LLC’s holdings in Soleno Therapeutics were worth $6,251,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SLNO. Sofinnova Investments Inc. lifted its stake in shares of Soleno Therapeutics by 1,026.2% during the 2nd quarter. Sofinnova Investments Inc. now owns 415,219 shares of the company’s stock worth $34,787,000 after purchasing an additional 460,048 shares during the last quarter. Balyasny Asset Management L.P. raised its holdings in Soleno Therapeutics by 1,206.9% in the second quarter. Balyasny Asset Management L.P. now owns 361,605 shares of the company’s stock worth $30,295,000 after purchasing an additional 394,273 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Soleno Therapeutics by 12.8% during the third quarter. Vanguard Group Inc. now owns 2,807,149 shares of the company’s stock valued at $189,763,000 after buying an additional 319,317 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Soleno Therapeutics by 46.6% in the 2nd quarter. Geode Capital Management LLC now owns 902,396 shares of the company’s stock valued at $75,611,000 after buying an additional 286,660 shares in the last quarter. Finally, State Street Corp boosted its holdings in shares of Soleno Therapeutics by 20.2% in the 2nd quarter. State Street Corp now owns 1,404,983 shares of the company’s stock valued at $117,709,000 after buying an additional 235,784 shares in the last quarter. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SLNO has been the subject of several recent analyst reports. Robert W. Baird set a $107.00 price objective on shares of Soleno Therapeutics in a research note on Tuesday, January 13th. Zacks Research downgraded Soleno Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Wall Street Zen cut Soleno Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday. Wolfe Research set a $60.00 target price on Soleno Therapeutics in a research note on Monday, January 12th. Finally, TD Cowen reduced their target price on Soleno Therapeutics from $120.00 to $85.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Soleno Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $108.38.

Soleno Therapeutics Trading Down 0.0%

NASDAQ SLNO opened at $39.06 on Tuesday. The company has a fifty day simple moving average of $42.42 and a two-hundred day simple moving average of $52.86. The stock has a market cap of $2.02 billion, a P/E ratio of 169.83 and a beta of -3.16. Soleno Therapeutics, Inc. has a 12-month low of $32.63 and a 12-month high of $90.32. The company has a current ratio of 5.80, a quick ratio of 5.55 and a debt-to-equity ratio of 0.11.

Soleno Therapeutics (NASDAQ:SLNO) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.16. The company had revenue of $91.73 million for the quarter, compared to analysts’ expectations of $88.55 million. On average, analysts forecast that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Soleno Therapeutics Profile

Soleno Therapeutics, Inc is a clinical‐stage biopharmaceutical company focused on the development and commercialization of therapies for rare and orphan diseases. Headquartered in Redwood City, California, Soleno leverages a precision medicine approach to identify and advance small‐molecule treatments that address underlying genetic and metabolic dysfunctions. The company’s scientific strategy centers on repurposing and reformulating existing compounds to maximize therapeutic benefit in underserved patient populations.

The company’s lead candidate, diazoxide choline controlled release (DCCR), is being investigated for the treatment of Prader-Willi syndrome (PWS), a complex neurodevelopmental disorder characterized by insatiable appetite, hormonal imbalances and behavioral challenges.