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PALO ALTO, CA—Vivo Opportunity (SO:FTCE11B), LLC, and its affiliate Vivo Opportunity Fund Holdings, L.P., have offloaded a significant portion of their holdings in Soleno Therapeutics Inc. (NASDAQ:SLNO), according to a recent SEC filing. The transactions, which took place over three days, amounted to a total sale of common stock valued at approximately $124.4 million. The sale comes as Soleno, now valued at $3.09 billion, has seen its stock surge over 60% year-to-date, according to InvestingPro data.
The sales occurred at various prices, with the weighted average price per share ranging between $65.8 and $70.6. On March 26, Vivo Opportunity sold 400,000 shares, followed by a sale of 1,100,000 shares on March 27, and an additional 333,557 shares on March 28. As a result of these transactions, Vivo Opportunity Fund Holdings, L.P. now holds approximately 4,458,294 shares of Soleno Therapeutics. The stock is currently trading near its 52-week high of $73.97, with InvestingPro analysis indicating overbought conditions. Analysts expect the company to turn profitable this year.
Vivo Opportunity, LLC, acts as the general partner for Vivo Opportunity Fund Holdings, L.P. The firm has clarified that it disclaims beneficial ownership over the securities beyond its pecuniary interest. These transactions represent a notable shift in Vivo Opportunity’s investment in Soleno Therapeutics, a company specializing in electromedical and electrotherapeutic apparatus. For deeper insights into Soleno’s valuation and 14 additional ProTips, visit InvestingPro.
In other recent news, Soleno Therapeutics has received FDA approval for Vykat XR, a treatment for Prader-Willi Syndrome, prompting several analysts to adjust their outlooks on the company. Stifel raised its price target for Soleno to $108, citing the drug’s market potential and projecting revenue of approximately $2 billion, up from a previous estimate of $1.6 billion. Oppenheimer also increased its price target to $105, highlighting the favorable labeling and pricing, with peak sales potential in the U.S. projected to reach $2 billion. Guggenheim adjusted its price target to $81, maintaining a Buy rating, and projects Vykat XR could generate $1.6 billion in revenues by 2030. Piper Sandler reaffirmed its $93 price target, emphasizing the clean label and strategic pricing of Vykat XR, which is expected to facilitate its market adoption. The approval is seen as a transformative milestone for Soleno, with the company planning to deploy a sales team to focus on specialists influential in treating Prader-Willi Syndrome. These developments reflect growing confidence among analysts in Soleno’s commercial strategy and the potential impact of Vykat XR on the company’s financial growth.
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