Soleno Therapeutics (NASDAQ:SLNO) Shares Down 5% – Time to Sell?

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price was down 5% during trading on Wednesday . The stock traded as low as $55.40 and last traded at $55.42. Approximately 155,249 shares changed hands during trading, a decline of 67% from the average daily volume of 474,046 shares. The stock had previously closed at $58.34.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SLNO shares. Oppenheimer boosted their target price on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th. Stifel Nicolaus boosted their target price on shares of Soleno Therapeutics from $59.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Cantor Fitzgerald reissued an “overweight” rating and set a $67.00 target price on shares of Soleno Therapeutics in a research report on Friday, September 20th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Soleno Therapeutics in a research report on Monday, November 11th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Soleno Therapeutics currently has an average rating of “Buy” and an average target price of $74.83.

Soleno Therapeutics Price Performance

The stock’s 50-day simple moving average is $53.48 and its 200-day simple moving average is $48.54.

Soleno Therapeutics (NASDAQ:SLNO) last released its earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). On average, equities analysts predict that Soleno Therapeutics, Inc. will post -3.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Soleno Therapeutics

In other Soleno Therapeutics news, CFO James H. Mackaness sold 8,077 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total value of $399,246.11. Following the transaction, the chief financial officer now directly owns 119,172 shares in the company, valued at $5,890,671.96. The trade was a 6.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kristen Yen sold 3,108 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $153,628.44. Following the completion of the transaction, the insider now owns 81,465 shares in the company, valued at approximately $4,026,814.95. The trade was a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,818 shares of company stock worth $1,622,194 over the last three months. 12.30% of the stock is currently owned by insiders.

Institutional Trading of Soleno Therapeutics

A number of institutional investors have recently modified their holdings of SLNO. Assenagon Asset Management S.A. purchased a new stake in shares of Soleno Therapeutics during the 2nd quarter valued at approximately $29,778,000. Janus Henderson Group PLC lifted its stake in shares of Soleno Therapeutics by 21.5% during the 3rd quarter. Janus Henderson Group PLC now owns 4,081,099 shares of the company’s stock valued at $206,016,000 after buying an additional 722,226 shares in the last quarter. Nantahala Capital Management LLC lifted its stake in shares of Soleno Therapeutics by 27.9% during the 2nd quarter. Nantahala Capital Management LLC now owns 3,082,107 shares of the company’s stock valued at $125,750,000 after buying an additional 671,728 shares in the last quarter. FMR LLC lifted its stake in shares of Soleno Therapeutics by 6,048,754.5% during the 3rd quarter. FMR LLC now owns 665,374 shares of the company’s stock valued at $33,595,000 after buying an additional 665,363 shares in the last quarter. Finally, Westfield Capital Management Co. LP purchased a new stake in shares of Soleno Therapeutics during the 3rd quarter valued at approximately $25,028,000. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

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.