Soleno Therapeutics (NASDAQ:SLNO) Trading Up 8.9% – Should You Buy?

Soleno Therapeutics, Inc. (NASDAQ:SLNO) rose 8.9% during mid-day trading on Tuesday . The stock traded as high as $50.20 and last traded at $49.98. Approximately 1,608,767 shares changed hands during mid-day trading, an increase of 16% from the average daily volume of 1,392,336 shares. The stock had previously closed at $45.91.

Wall Street Analysts Forecast Growth

SLNO has been the subject of a number of research reports. Wolfe Research initiated coverage on shares of Soleno Therapeutics in a research note on Tuesday, November 18th. They set an “outperform” rating and a $75.00 target price for the company. Lifesci Capital upgraded Soleno Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 10th. The Goldman Sachs Group set a $125.00 target price on Soleno Therapeutics and gave the company a “buy” rating in a research report on Tuesday, October 7th. Wall Street Zen raised Soleno Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Soleno Therapeutics in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Soleno Therapeutics presently has an average rating of “Buy” and a consensus price target of $111.46.

Soleno Therapeutics Stock Up 9.0%

The company has a quick ratio of 15.01, a current ratio of 15.13 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $2.69 billion, a PE ratio of -12.08 and a beta of -2.92. The business has a 50-day moving average price of $58.56 and a 200-day moving average price of $70.79.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings data on Tuesday, November 4th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.39. The company had revenue of $66.02 million for the quarter, compared to analyst estimates of $47.46 million. Equities research analysts forecast that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Soleno Therapeutics

Hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Soleno Therapeutics by 1.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,360 shares of the company’s stock valued at $1,242,000 after buying an additional 189 shares during the period. AlphaQuest LLC grew its position in Soleno Therapeutics by 37.5% in the first quarter. AlphaQuest LLC now owns 983 shares of the company’s stock worth $70,000 after acquiring an additional 268 shares during the period. Raymond James Financial Inc. acquired a new stake in Soleno Therapeutics during the second quarter worth $25,000. Principal Financial Group Inc. raised its position in Soleno Therapeutics by 11.9% in the third quarter. Principal Financial Group Inc. now owns 3,197 shares of the company’s stock valued at $216,000 after purchasing an additional 340 shares during the period. Finally, New York State Common Retirement Fund raised its position in Soleno Therapeutics by 2.4% in the third quarter. New York State Common Retirement Fund now owns 15,600 shares of the company’s stock valued at $1,055,000 after purchasing an additional 360 shares during the period. Hedge funds and other 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.