Insider sale details
Meredith Manning, Soleno Therapeutics' Chief Commercial Officer, sold a total of 7,522 shares of the company's common stock on March 27, 2026, for an aggregate consideration of approximately $228,979. The disposition was completed across three separate transactions executed at per-share prices ranging from $29.54 to $31.73.
The first tranche comprised 4,864 shares, executed at a weighted average price of $30.037 and generating about $146,094. Prices for that block ranged from $29.54 to $30.52. The second block included 2,100 shares at a weighted average price of $31.0384, yielding approximately $65,181, with execution prices between $30.545 and $31.41. The final sale consisted of 558 shares at a weighted average price of $31.7187, totaling roughly $17,704, and traded in a narrow range from $31.64 to $31.73.
Reason for the sales and post-transaction holdings
Company filings indicate the stock sales were undertaken to meet tax withholding obligations associated with the vesting of restricted stock units. After these transactions, Manning directly holds 64,507 shares of Soleno Therapeutics common stock.
Market context
The insider sale occurred as Soleno's shares trade close to their 52-week low of $29.43 and have declined 44% over the past six months. Despite recent share-price weakness, InvestingPro analysis listed SLNO among its Most Undervalued names and notes broader valuation interest on its platform. The InvestingPro service also provides a Pro Research Report for SLNO and more than 1,400 other U.S. equities for subscribers seeking deeper analysis.
Recent financial performance and leadership changes
Soleno reported stronger-than-expected fourth-quarter 2025 financial results, recording earnings per share of $0.80 versus the Wall Street consensus of $0.61. Revenue for the quarter came in at $91.7 million, beating the anticipated $82.45 million and representing an 11.26% upside versus revenue expectations.
Alongside the financial report, the company announced a change in its finance leadership. Jennifer Fulk has been named Chief Financial Officer, replacing James Mackaness. Mackaness will remain with the company as a consultant through the end of 2026 to facilitate a transition.
Analyst moves and governance updates
Analysts have adjusted their price targets for Soleno in the wake of updated expectations. Oppenheimer lowered its target to $80 from $110 while maintaining an Outperform rating, citing a slower U.S. launch ramp and the potential for independent commercialization in Europe. H.C. Wainwright cut its target to $100 from $120 but kept a Buy rating, noting that Soleno's 2025 net sales aligned with expectations.
Separately, the company revised its bylaws to address governance and legal provisions, including amendments related to Delaware law and the addition of a forum selection provision.
Takeaway
The March 27 insider sales were explicitly executed to cover tax obligations stemming from RSU vesting and left Manning with a meaningful direct stake in the company. Those transactions arrived amid a mixed backdrop of strong quarterly financial results, analyst price-target reductions, and corporate governance and leadership changes, while shares remain near their recent lows.