Soleno Therapeutics (NASDAQ:SLNO) Stock Price Down 2.5% – Here’s What Happened

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) dropped 2.5% during mid-day trading on Monday . The stock traded as low as $45.28 and last traded at $45.28. Approximately 6,739 shares were traded during trading, a decline of 98% from the average daily volume of 352,929 shares. The stock had previously closed at $46.46.

Wall Street Analysts Forecast Growth

SLNO has been the subject of a number of analyst reports. Robert W. Baird reaffirmed an “outperform” rating and issued a $72.00 target price on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Cantor Fitzgerald reissued an “overweight” rating and set a $67.00 target price on shares of Soleno Therapeutics in a report on Friday, September 20th. HC Wainwright restated a “buy” rating and issued a $70.00 price target on shares of Soleno Therapeutics in a research report on Monday, December 2nd. 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 research report on Monday, October 28th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $74.00 target price on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Soleno Therapeutics has a consensus rating of “Buy” and a consensus target price of $74.83.

Soleno Therapeutics Price Performance

The company’s fifty day simple moving average is $51.24 and its two-hundred day simple moving average is $49.19. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of -13.86 and a beta of -1.47.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($1.83) earnings per share for the quarter, missing the consensus estimate of ($0.61) by ($1.22). On average, analysts forecast that Soleno Therapeutics, Inc. will post -3.7 earnings per share for the current year.

Institutional Trading of Soleno Therapeutics

Institutional investors have recently made changes to their positions in the company. Amalgamated Bank bought a new stake in shares of Soleno Therapeutics in the 2nd quarter worth $31,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Soleno Therapeutics in the 3rd quarter worth $155,000. Curi RMB Capital LLC bought a new stake in shares of Soleno Therapeutics in the 3rd quarter worth $202,000. Intech Investment Management LLC bought a new stake in shares of Soleno Therapeutics in the 3rd quarter worth $262,000. Finally, Fred Alger Management LLC bought a new stake in shares of Soleno Therapeutics in the 3rd quarter worth $310,000. Institutional investors own 97.42% of the company’s stock.

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.