Vivo Opportunity Fund Holdings, L.P., a significant shareholder in Soleno Therapeutics Inc. (NASDAQ:SLNO), has recently sold a substantial portion of its holdings in the company. The transactions, which took place over two consecutive days, resulted in the sale of 1,101,242 shares of common stock for a total of approximately $51.7 million.
On April 29, 2024, Vivo Opportunity Fund Holdings sold 750,000 shares at a weighted average price of $47.80. The following day, an additional 351,242 shares were sold at a weighted average price of $45.13. The sales were conducted in multiple transactions with prices ranging from $45.00 to $53.03 for the first day's sales, and from $45.00 to $47.10 for the second day's sales.
After these transactions, Vivo Opportunity Fund Holdings still retains a significant stake in Soleno Therapeutics, with 7,316,851 shares remaining in its possession. The sales were reported by Vivo Opportunity, LLC, the general partner of Vivo Opportunity Fund Holdings, L.P., which has disclaimed beneficial ownership of the securities except to the extent of its pecuniary interest.
Soleno Therapeutics, headquartered in Redwood (NYSE:RWT) City, California, specializes in the development of treatments in the medical device sector, particularly for conditions that are underserved by current therapeutic options.
Investors and market watchers often keep a close eye on insider transactions as they can provide insights into the company's financial health and future prospects. The disclosure of these sales was made in accordance with securities regulations, and further details regarding the number of shares sold at each separate price within the stated ranges can be provided upon request to the issuer or the Securities and Exchange Commission.
InvestingPro Insights
As investors digest the news of Vivo Opportunity Fund Holdings trimming its position in Soleno Therapeutics Inc. (NASDAQ:SLNO), several metrics and insights from InvestingPro could provide a deeper understanding of the company's current financial standing and future prospects. Soleno Therapeutics, a player in the medical device sector, has been the subject of significant market activity.
Recent data indicates that Soleno Therapeutics holds a market capitalization of $1.55 billion. The company's stock has demonstrated a remarkable one-year price total return of 1123.56%, showing a strong performance over the past year. However, it is important to note that the company is currently trading at a high Price / Book multiple of 9.78, which may suggest a premium valuation relative to the company's book value of assets.
InvestingPro Tips reveal that Soleno Therapeutics has been able to maintain more cash than debt on its balance sheet, which is a positive sign for financial stability. Analysts also predict that the company will be profitable this year, which could be a turning point for its financial performance.
For investors seeking additional insights, InvestingPro offers further tips on Soleno Therapeutics, including information on net income growth, stock price movements relative to the market, and liquidity. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to gain access to these valuable tips, with a total of 12 additional InvestingPro Tips available for Soleno Therapeutics at https://www.investing.com/pro/SLNO.
The recent sales by Vivo Opportunity Fund Holdings may reflect various strategic considerations, and with the next earnings date approaching on May 14, 2024, investors will be keenly awaiting further developments and performance indicators from Soleno Therapeutics.
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