Soleno Therapeutics (NASDAQ:SLNO) Trading Up 8.6% – What’s Next?

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shot up 8.6% during mid-day trading on Wednesday . The stock traded as high as $46.22 and last traded at $46.19. 188,012 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 419,373 shares. The stock had previously closed at $42.54.

Analyst Ratings Changes

A number of research analysts recently issued reports on SLNO shares. Cantor Fitzgerald restated an “overweight” rating and set a $67.00 price objective on shares of Soleno Therapeutics in a research report on Friday, September 20th. Oppenheimer upped their price target 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. HC Wainwright reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Soleno Therapeutics in a report on Monday, December 2nd. Robert W. Baird reissued an “outperform” rating and set a $72.00 target price on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Finally, Stifel Nicolaus restated a “buy” rating and issued a $74.00 price target on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Soleno Therapeutics has an average rating of “Buy” and an average price target of $74.83.

Soleno Therapeutics Price Performance

The firm has a market capitalization of $2.02 billion, a P/E ratio of -14.12 and a beta of -1.47. The firm’s fifty day moving average price is $49.23 and its 200-day moving average price is $49.40.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($1.83) EPS for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). Analysts expect that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Insider Transactions at Soleno Therapeutics

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 10,937 shares of Soleno Therapeutics stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total value of $496,649.17. Following the transaction, the chief executive officer now owns 708,616 shares in the company, valued at approximately $32,178,252.56. The trade was a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO James H. Mackaness sold 4,083 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total value of $185,409.03. Following the sale, the chief financial officer now owns 115,089 shares of the company’s stock, valued at $5,226,191.49. This trade represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,360 shares of company stock valued at $790,119 in the last quarter. Insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SLNO. Amalgamated Bank purchased a new position in Soleno Therapeutics during the 2nd quarter worth approximately $31,000. Avanza Fonder AB purchased a new stake in Soleno Therapeutics in the 4th quarter worth about $76,000. Avior Wealth Management LLC purchased a new position in Soleno Therapeutics during the 4th quarter valued at about $89,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Soleno Therapeutics in the 3rd quarter valued at about $155,000. Finally, Curi RMB Capital LLC purchased a new stake in shares of Soleno Therapeutics in the third quarter worth approximately $202,000. 97.42% of the stock is 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.