Soleno Therapeutics (NASDAQ:SLNO) Share Price Passes Above Fifty Day Moving Average – Here’s What Happened

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s share price crossed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $47.18 and traded as high as $52.46. Soleno Therapeutics shares last traded at $49.17, with a volume of 525,708 shares.

Wall Street Analysts Forecast Growth

SLNO has been the subject of several research analyst reports. Oppenheimer boosted their price objective on Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Robert W. Baird reiterated an “outperform” rating and set a $72.00 target price on shares of Soleno Therapeutics in a research note on Monday, December 2nd. HC Wainwright reaffirmed a “buy” rating and issued a $70.00 price target on shares of Soleno Therapeutics in a report on Monday, December 2nd. Stifel Nicolaus reissued a “buy” rating and issued a $74.00 target price on shares of Soleno Therapeutics in a report on Monday, December 2nd. Finally, Lifesci Capital upgraded Soleno Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 4th. Five research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $71.20.

Soleno Therapeutics Price Performance

The firm has a market cap of $2.05 billion, a price-to-earnings ratio of -14.30 and a beta of -1.46. The business has a 50-day moving average of $47.22 and a 200-day moving average of $49.95.

Insider Transactions at Soleno Therapeutics

In related news, CFO James H. Mackaness sold 4,083 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total transaction of $185,409.03. Following the completion of the sale, the chief financial officer now directly owns 115,089 shares in the company, valued at $5,226,191.49. This represents a 3.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Kristen Yen sold 2,340 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $46.18, for a total value of $108,061.20. Following the completion of the sale, the insider now directly owns 76,605 shares of the company’s stock, valued at $3,537,618.90. The trade was a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,360 shares of company stock valued at $790,119 over the last ninety days. 12.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Soleno Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. purchased a new position in Soleno Therapeutics during the fourth quarter valued at $13,451,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Soleno Therapeutics by 24.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 27,504 shares of the company’s stock valued at $1,236,000 after acquiring an additional 5,462 shares during the last quarter. Union Square Park Capital Management LLC bought a new position in Soleno Therapeutics during the fourth quarter valued at $2,248,000. Vestal Point Capital LP increased its holdings in shares of Soleno Therapeutics by 47.2% in the 4th quarter. Vestal Point Capital LP now owns 1,060,000 shares of the company’s stock worth $47,647,000 after buying an additional 340,000 shares during the last quarter. Finally, Tang Capital Management LLC purchased a new position in Soleno Therapeutics in the fourth quarter worth about $2,248,000. 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.