Atika Capital Management LLC Takes $3.18 Million Position in Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Atika Capital Management LLC bought a new position in Soleno Therapeutics, Inc. (NASDAQ:SLNO) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 70,700 shares of the company’s stock, valued at approximately $3,178,000.

A number of other institutional investors have also recently bought and sold shares of SLNO. Corebridge Financial Inc. boosted its position in shares of Soleno Therapeutics by 2.9% during the 4th quarter. Corebridge Financial Inc. now owns 12,720 shares of the company’s stock valued at $572,000 after acquiring an additional 357 shares in the last quarter. AlphaQuest LLC boosted its holdings in Soleno Therapeutics by 1,154.4% during the fourth quarter. AlphaQuest LLC now owns 715 shares of the company’s stock valued at $32,000 after purchasing an additional 658 shares in the last quarter. US Bancorp DE bought a new stake in shares of Soleno Therapeutics in the 4th quarter valued at approximately $34,000. Alliancebernstein L.P. raised its holdings in shares of Soleno Therapeutics by 3.5% in the 4th quarter. Alliancebernstein L.P. now owns 23,810 shares of the company’s stock worth $1,070,000 after buying an additional 800 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its position in shares of Soleno Therapeutics by 13.2% during the 4th quarter. New York State Common Retirement Fund now owns 7,717 shares of the company’s stock worth $347,000 after buying an additional 900 shares during the period. Institutional investors and hedge funds own 97.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SLNO shares. Robert W. Baird upped their price target on Soleno Therapeutics from $72.00 to $102.00 and gave the company an “outperform” rating in a research report on Thursday, March 27th. UBS Group set a $105.00 target price on shares of Soleno Therapeutics in a research report on Thursday, March 27th. Guggenheim restated a “buy” rating and issued a $81.00 price target (up from $70.00) on shares of Soleno Therapeutics in a research report on Friday, March 28th. HC Wainwright lifted their target price on shares of Soleno Therapeutics from $70.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, March 31st. Finally, Cantor Fitzgerald increased their price target on Soleno Therapeutics from $67.00 to $123.00 and gave the stock an “overweight” rating in a research report on Thursday, March 27th. Seven investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $99.63.

Soleno Therapeutics Price Performance

Shares of Soleno Therapeutics stock opened at $67.48 on Friday. The firm has a 50 day simple moving average of $51.19 and a 200 day simple moving average of $50.74. Soleno Therapeutics, Inc. has a fifty-two week low of $36.61 and a fifty-two week high of $74.00. The firm has a market cap of $3.09 billion, a P/E ratio of -20.33 and a beta of -2.29.

Soleno Therapeutics (NASDAQ:SLNO) last released its earnings results on Wednesday, March 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.41). On average, sell-side analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Insiders Place Their Bets

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 699,095 shares of Soleno Therapeutics stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $67.62, for a total transaction of $47,272,803.90. Following the completion of the sale, the chief executive officer now owns 577,076 shares of the company’s stock, valued at approximately $39,021,879.12. The trade was a 54.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patricia C. Hirano sold 3,782 shares of the company’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $70.11, for a total transaction of $265,156.02. Following the sale, the insider now owns 27,036 shares of the company’s stock, valued at $1,895,493.96. The trade was a 12.27 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 942,672 shares of company stock valued at $64,058,781. 12.30% of the stock is currently owned by insiders.

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.