Avoro Capital Advisors Reduces $32M in Soleno Therapeutics, Inc. ($SLNO)

Avoro Capital Advisors has reduced its holdings in Soleno Therapeutics, Inc. (NCM: SLNO) by 600,000 shares, representing a decrease of about 20.7%. As of the latest SEC filing, Avoro now holds 2.3 million shares valued at approximately $121.9 million, based on the company's recent share price.

What Changed in Avoro Capital Advisors' Soleno Therapeutics Position

Avoro Capital Advisors trimmed its stake in Soleno Therapeutics from 2.9 million shares to 2.3 million shares, a reduction of 600,000 shares. This move represents a 20.7% decrease in its position. The value of this holding, as reported, is around $121.9 million.

Other Institutional Activity in Soleno Therapeutics

Other institutional investors also made changes to their positions in Soleno Therapeutics. Janus Henderson Group PLC slightly reduced its holdings by 79,026 shares, ending with about 7.1 million shares valued at $237.6 million. FMR LLC significantly cut its position by 2,290,894 shares, leaving it with 5.8 million shares worth $193.8 million. Wellington Management Group LLP, however, increased its stake by 1,103,982 shares, bringing its total to 4.4 million shares valued at $148.2 million. Meanwhile, BlackRock, Inc. and State Street Corp made smaller adjustments, with BlackRock reducing by 128,865 shares and State Street adding 31,176 shares.

Soleno Therapeutics Stock Snapshot

Shares of Soleno Therapeutics are trading near $53.01. The company, which operates in the biotechnology sector, boasts a market cap of approximately $2.76 billion. It has a P/E ratio of 27.47 and a beta of -2.217, suggesting lower market correlation. The stock's 52-week range is between $29.43 and $90.32, with current moving averages at $45.78 (50-day) and $51.16 (200-day). Soleno's liquidity is strong, with a current ratio of 5.622 and a quick ratio of 5.215, while its debt-to-equity ratio stands at 10.947.

Recent Earnings

Soleno Therapeutics reported revenue of $285 million, with a net margin of approximately 33.7%. The company's return on equity is 26.4%, and its EPS is $1.93. The next earnings report is expected on August 5, 2026.

Insider Buying and Selling at Soleno Therapeutics, Inc.

Several insiders at Soleno Therapeutics sold shares recently. Chief Development Officer Manher Joshi sold 20,171 shares, while Chief Commercial Officer Meredith Manning parted with 91,000 shares. Chief Business Officer Kevin Norrett sold 68,286 shares. These transactions occurred on May 18, 2026.

Analysts Set New Price Targets

Analysts have recently adjusted their ratings for Soleno Therapeutics. On April 17, 2026, Wells Fargo downgraded the stock to a 'hold' with a $53 price target. HC Wainwright & Co. and TD Cowen also downgraded their ratings to 'hold' on April 8 and April 7, respectively, with the same price target. The consensus among analysts is a 'hold' rating, with a mean price target of $53 based on five opinions.

About Soleno Therapeutics

Soleno Therapeutics, Inc. is a biopharmaceutical company based in Redwood City, California. It focuses on developing and commercializing treatments for rare diseases. Its primary product, VYKAT XR, is an extended-release tablet aimed at treating Prader-Willi Syndrome. The company, led by CEO Dr. Anish Bhatnagar, was founded in 1999 and employs 182 people.

Bottom Line

Avoro Capital Advisors' decision to cut its stake in Soleno Therapeutics reflects its strategic portfolio adjustment as of the latest reporting period. While the stock remains a topic of interest due to its position in the rare disease treatment market, investors should remember that 13F filings are historical and may not represent current positions. Soleno's recent insider sales and analyst downgrades may also influence market perception.