Polar Asset Management Partners Inc. Sells 42,900 Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Polar Asset Management Partners Inc. trimmed its position in shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) by 57.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,600 shares of the company’s stock after selling 42,900 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in Soleno Therapeutics were worth $1,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Amalgamated Bank bought a new position in Soleno Therapeutics in the second quarter valued at about $31,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Soleno Therapeutics in the 3rd quarter worth approximately $155,000. Curi RMB Capital LLC purchased a new position in shares of Soleno Therapeutics in the third quarter worth approximately $202,000. Intech Investment Management LLC bought a new stake in Soleno Therapeutics during the third quarter valued at approximately $262,000. Finally, Fred Alger Management LLC purchased a new stake in Soleno Therapeutics during the third quarter valued at approximately $310,000. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on SLNO shares. Robert W. Baird reiterated an “outperform” rating and set a $72.00 price target on shares of Soleno Therapeutics in a research note on Monday. Stifel Nicolaus reiterated a “buy” rating and set a $74.00 target price on shares of Soleno Therapeutics in a research report on Monday. Cantor Fitzgerald restated an “overweight” rating and issued a $67.00 price target on shares of Soleno Therapeutics in a research report on Friday, September 20th. Oppenheimer lifted their price objective on Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a research report on Monday, October 28th. Finally, HC Wainwright reissued a “buy” rating and issued a $70.00 target price on shares of Soleno Therapeutics in a report on Monday. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Soleno Therapeutics has an average rating of “Buy” and a consensus target price of $74.83.

Soleno Therapeutics Stock Down 2.0 %

NASDAQ SLNO opened at $49.65 on Friday. Soleno Therapeutics, Inc. has a twelve month low of $31.61 and a twelve month high of $60.92. The business has a 50-day moving average price of $53.69 and a 200-day moving average price of $48.75. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of -14.95 and a beta of -1.47.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share for the quarter, missing the consensus estimate of ($0.61) by ($1.22). Research analysts expect that Soleno Therapeutics, Inc. will post -3.7 EPS for the current fiscal year.

Insider Buying and Selling

In other Soleno Therapeutics news, CFO James H. Mackaness sold 8,077 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $399,246.11. Following the completion of the transaction, the chief financial officer now owns 119,172 shares of the company’s stock, valued at $5,890,671.96. This represents a 6.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Bhatnagar Anish sold 21,633 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total value of $1,069,319.19. Following the transaction, the chief executive officer now owns 719,553 shares of the company’s stock, valued at approximately $35,567,504.79. The trade was a 2.92 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,818 shares of company stock worth $1,622,194. 12.30% of the stock is owned by insiders.

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.