Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Down to $49.23

Soleno Therapeutics, Inc. (NASDAQ:SLNO) gapped down before the market opened on Friday . The stock had previously closed at $49.23, but opened at $47.14. Soleno Therapeutics shares last traded at $47.60, with a volume of 521,043 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have commented on SLNO. Stifel Nicolaus started coverage on shares of Soleno Therapeutics in a research note on Tuesday, January 23rd. They set a “buy” rating and a $63.00 price objective for the company. Piper Sandler began coverage on shares of Soleno Therapeutics in a research note on Monday, February 5th. They set an “overweight” rating and a $93.00 price target for the company. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $55.60.

Soleno Therapeutics Trading Down 8.3 %

The company has a 50-day simple moving average of $42.89 and a 200 day simple moving average of $38.53. The company has a market cap of $1.51 billion, a P/E ratio of -15.19 and a beta of -1.51.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings results on Wednesday, March 6th. The company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). On average, equities analysts forecast that Soleno Therapeutics, Inc. will post -1.23 EPS for the current fiscal year.

Insider Transactions at Soleno Therapeutics

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 stock was sold at an average price of $41.34, for a total value of $213,934.50. Following the completion of the sale, the chief financial officer now owns 62,953 shares in the company, valued at $2,602,477.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Soleno Therapeutics news, CFO James H. Mackaness sold 5,175 shares of Soleno Therapeutics stock in a transaction on Monday, April 1st. The stock was sold at an average price of $41.34, for a total transaction of $213,934.50. Following the completion of the sale, the chief financial officer now directly owns 62,953 shares of the company’s stock, valued at approximately $2,602,477.02. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Vivo Opportunity, Llc sold 750,000 shares of the company’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $47.80, for a total value of $35,850,000.00. Following the completion of the sale, the insider now owns 7,668,093 shares of the company’s stock, valued at $366,534,845.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 776,373 shares of company stock valued at $36,940,260. 23.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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

Soleno Therapeutics Company Profile

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.