Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Down – Here’s Why

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $57.22, but opened at $53.62. Soleno Therapeutics shares last traded at $55.35, with a volume of 150,165 shares traded.

Analyst Upgrades and Downgrades

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

Soleno Therapeutics Price Performance

The stock has a market capitalization of $2.41 billion, a P/E ratio of -16.82 and a beta of -1.44. The company’s 50 day simple moving average is $53.42 and its two-hundred day simple moving average is $48.49.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). On average, research analysts anticipate that Soleno Therapeutics, Inc. will post -3.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Soleno Therapeutics news, 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 transaction, the chief financial officer now owns 119,172 shares of the company’s stock, valued at approximately $5,890,671.96. This represents a 6.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Bhatnagar Anish sold 21,633 shares of Soleno Therapeutics stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total value of $1,069,319.19. Following the completion of the sale, the chief executive officer now directly owns 719,553 shares of the company’s stock, valued at $35,567,504.79. This trade represents a 2.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,818 shares of company stock worth $1,622,194 in the last 90 days. Corporate insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank acquired a new stake in shares of Soleno Therapeutics during the 2nd quarter worth approximately $31,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Soleno Therapeutics during the 3rd quarter worth $155,000. Curi RMB Capital LLC acquired a new stake in Soleno Therapeutics during the 3rd quarter worth $202,000. Intech Investment Management LLC acquired a new position in shares of Soleno Therapeutics in the 3rd quarter valued at $262,000. Finally, Fred Alger Management LLC bought a new position in shares of Soleno Therapeutics in the 3rd quarter worth $310,000. 97.42% of the stock is owned by institutional investors.

About Soleno Therapeutics

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.