Short Interest in Soleno Therapeutics, Inc. (NASDAQ:SLNO) Drops By 23.2%

Soleno Therapeutics, Inc. (NASDAQ:SLNO) saw a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 4,740,000 shares, a decrease of 23.2% from the October 31st total of 6,170,000 shares. Based on an average daily volume of 654,000 shares, the short-interest ratio is currently 7.2 days. Approximately 14.8% of the company’s shares are short sold.

Soleno Therapeutics Stock Down 4.3 %

SLNO opened at $55.84 on Friday. Soleno Therapeutics has a 1 year low of $26.38 and a 1 year high of $60.92. The stock has a 50-day moving average price of $53.48 and a 200-day moving average price of $48.54.

Soleno Therapeutics (NASDAQ:SLNO) last issued its earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.61) by ($1.22). As a group, equities research analysts expect that Soleno Therapeutics will post -3.76 EPS for the current fiscal year.

Insider Transactions at Soleno Therapeutics

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 21,633 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $1,069,319.19. Following the transaction, the chief executive officer now directly owns 719,553 shares of the company’s stock, valued at approximately $35,567,504.79. The trade was a 2.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James H. Mackaness sold 8,077 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total transaction of $399,246.11. Following the completion of the transaction, the chief financial officer now owns 119,172 shares of the company’s stock, valued at $5,890,671.96. This trade represents a 6.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,818 shares of company stock worth $1,622,194. Company insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

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

Analyst Upgrades and Downgrades

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

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.