Soleno Therapeutics (NASDAQ:SLNO) Shares Up 3.9% on Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares rose 3.9% on Friday after Laidlaw raised their price target on the stock from $75.00 to $105.00. Laidlaw currently has a buy rating on the stock. Soleno Therapeutics traded as high as $70.86 and last traded at $70.04. Approximately 713,005 shares traded hands during mid-day trading, an increase of 17% from the average daily volume of 609,716 shares. The stock had previously closed at $67.39.

Other equities research analysts have also issued reports about the stock. Cantor Fitzgerald increased their target price on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the stock an “overweight” rating in a report on Thursday. Lifesci Capital upgraded Soleno Therapeutics to a “strong-buy” rating in a report on Tuesday, February 4th. Stifel Nicolaus started coverage on Soleno Therapeutics in a report on Wednesday, March 5th. They set a “buy” rating and a $74.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $70.00 price objective on shares of Soleno Therapeutics in a report on Monday, March 3rd. Finally, Robert W. Baird increased their price target on Soleno Therapeutics from $72.00 to $102.00 and gave the company an “outperform” rating in a research report on Thursday. Seven research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $91.17.

Insider Activity at Soleno Therapeutics

In related news, insider Kristen Yen sold 2,340 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $46.18, for a total transaction of $108,061.20. Following the sale, the insider now owns 76,605 shares of the company’s stock, valued at $3,537,618.90. This represents a 2.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO James H. Mackaness sold 4,083 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total value of $185,409.03. Following the sale, the chief financial officer now owns 115,089 shares of the company’s stock, valued at approximately $5,226,191.49. The trade was a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,360 shares of company stock worth $790,119. Corporate insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLNO. Janus Henderson Group PLC lifted its position in shares of Soleno Therapeutics by 27.1% during the 4th quarter. Janus Henderson Group PLC now owns 5,188,265 shares of the company’s stock worth $233,130,000 after buying an additional 1,107,166 shares during the last quarter. FMR LLC lifted its holdings in shares of Soleno Therapeutics by 6,048,754.5% in the third quarter. FMR LLC now owns 665,374 shares of the company’s stock worth $33,595,000 after acquiring an additional 665,363 shares during the last quarter. Nantahala Capital Management LLC grew its holdings in shares of Soleno Therapeutics by 20.1% during the 4th quarter. Nantahala Capital Management LLC now owns 3,928,966 shares of the company’s stock valued at $176,607,000 after purchasing an additional 658,518 shares during the last quarter. Avoro Capital Advisors LLC grew its stake in shares of Soleno Therapeutics by 15.8% during the fourth quarter. Avoro Capital Advisors LLC now owns 2,525,000 shares of the company’s stock worth $113,499,000 after buying an additional 344,000 shares during the last quarter. Finally, Vestal Point Capital LP lifted its stake 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 valued at $47,647,000 after acquiring an additional 340,000 shares during the last quarter. 97.42% of the stock is currently owned by institutional investors.

Soleno Therapeutics Trading Up 3.6 %

The firm has a market cap of $3.20 billion, a P/E ratio of -21.06 and a beta of -1.70. The business has a 50-day moving average of $48.44 and a two-hundred day moving average of $49.90.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.41). As a group, equities analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

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.