Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Up to $37.89

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s share price gapped up before the market opened on Monday . The stock had previously closed at $37.89, but opened at $47.00. Soleno Therapeutics shares last traded at $49.93, with a volume of 806,305 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have recently commented on SLNO shares. Piper Sandler started coverage on Soleno Therapeutics in a research note on Monday, February 5th. They set an “overweight” rating and a $93.00 target price on the stock. Stifel Nicolaus began coverage on shares of Soleno Therapeutics in a research note on Tuesday, January 23rd. They issued a “buy” rating and a $63.00 target price on the stock. Finally, Oppenheimer raised their price target on shares of Soleno Therapeutics from $44.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 2nd. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $55.60.

Soleno Therapeutics Price Performance

The firm’s 50 day moving average price is $42.98 and its two-hundred day moving average price is $38.14. The stock has a market cap of $1.49 billion, a PE ratio of -15.04 and a beta of -1.56.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings data on Wednesday, March 6th. The company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Analysts anticipate that Soleno Therapeutics, Inc. will post -1.23 earnings per share for the current year.

Insider Activity

In related news, CFO James H. Mackaness sold 5,175 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $41.34, for a total transaction of $213,934.50. Following the sale, the chief financial officer now owns 62,953 shares of the company’s stock, valued at approximately $2,602,477.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO James H. Mackaness sold 5,175 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $41.34, for a total transaction of $213,934.50. Following the completion of the transaction, the chief financial officer now owns 62,953 shares of the company’s stock, valued at $2,602,477.02. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Kristen Yen sold 2,218 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $41.34, for a total transaction of $91,692.12. Following the completion of the sale, the insider now owns 23,422 shares in the company, valued at $968,265.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,373 shares of company stock worth $1,090,260. 28.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Soleno Therapeutics

Several large investors have recently added to or reduced their stakes in SLNO. Bank of New York Mellon Corp bought a new position in Soleno Therapeutics in the 3rd quarter worth about $280,000. Emerald Advisers LLC bought a new position in shares of Soleno Therapeutics in the third quarter worth approximately $7,338,000. Emerald Mutual Fund Advisers Trust purchased a new position in Soleno Therapeutics in the 3rd quarter worth approximately $5,941,000. Carlyle Group Inc. grew its position in Soleno Therapeutics by 90.9% in the third quarter. Carlyle Group Inc. now owns 2,293,562 shares of the company’s stock worth $67,431,000 after acquiring an additional 1,092,056 shares in the last quarter. Finally, Vivo Capital LLC bought a new position in Soleno Therapeutics in the third quarter valued at $94,523,000. Institutional investors own 97.42% of the company’s stock.

About Soleno Therapeutics

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.