Soleno Therapeutics (NASDAQ:SLNO) Stock Price Down 5.4%

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price traded down 5.4% during trading on Tuesday . The company traded as low as $39.41 and last traded at $40.00. 224,568 shares were traded during mid-day trading, a decline of 44% from the average session volume of 403,751 shares. The stock had previously closed at $42.29.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Robert W. Baird assumed coverage on shares of Soleno Therapeutics in a report on Friday, May 10th. They issued an “outperform” rating and a $72.00 price target for the company. Baird R W upgraded shares of Soleno Therapeutics to a “strong-buy” rating in a report on Friday, May 10th. Finally, Oppenheimer reduced their price target on shares of Soleno Therapeutics from $65.00 to $59.00 and set an “outperform” rating for the company in a report on Monday, May 13th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $60.33.

Soleno Therapeutics Stock Up 5.8 %

The business’s 50 day simple moving average is $43.34 and its two-hundred day simple moving average is $43.31.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.29). On average, equities research analysts anticipate that Soleno Therapeutics, Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling at Soleno Therapeutics

In other Soleno Therapeutics news, major shareholder Vivo Opportunity, Llc sold 750,000 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $47.80, for a total value of $35,850,000.00. Following the transaction, the insider now directly owns 7,668,093 shares of the company’s stock, valued at $366,534,845.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Vivo Opportunity, Llc sold 750,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $47.80, for a total transaction of $35,850,000.00. Following the transaction, the insider now directly owns 7,668,093 shares of the company’s stock, valued at $366,534,845.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Bhatnagar Anish sold 19,256 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $41.54, for a total transaction of $799,894.24. Following the transaction, the chief executive officer now directly owns 133,534 shares in the company, valued at $5,547,002.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 778,616 shares of company stock valued at $37,038,709. Corporate insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SLNO. Vivo Capital LLC lifted its position in shares of Soleno Therapeutics by 162.8% during the fourth quarter. Vivo Capital LLC now owns 8,418,093 shares of the company’s stock valued at $338,828,000 after purchasing an additional 5,215,000 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in Soleno Therapeutics during the third quarter worth about $39,160,000. Vestal Point Capital LP purchased a new stake in Soleno Therapeutics during the fourth quarter worth about $52,325,000. RA Capital Management L.P. purchased a new stake in Soleno Therapeutics during the third quarter worth about $36,563,000. Finally, Carlyle Group Inc. increased its holdings in Soleno Therapeutics by 42.5% during the first quarter. Carlyle Group Inc. now owns 4,071,562 shares of the company’s stock worth $173,123,000 after buying an additional 1,213,758 shares during the last quarter. 97.42% of the stock is 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.