Soleno Therapeutics (NASDAQ:SLNO) Trading 8.6% Higher – Here’s What Happened

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares shot up 8.6% on Wednesday . The stock traded as high as $46.22 and last traded at $46.19. 188,012 shares were traded during trading, a decline of 55% from the average session volume of 419,373 shares. The stock had previously closed at $42.54.

Analysts Set New Price Targets

A number of analysts have issued reports on SLNO shares. Stifel Nicolaus reiterated a “buy” rating and issued a $74.00 price target on shares of Soleno Therapeutics in a report on Monday, December 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $67.00 target price on shares of Soleno Therapeutics in a report on Friday, September 20th. HC Wainwright reiterated a “buy” rating and issued a $70.00 target price on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Oppenheimer raised their price target on Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Finally, Robert W. Baird reaffirmed an “outperform” rating and issued a $72.00 price objective on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $74.83.

Soleno Therapeutics Stock Up 12.6 %

The company has a market capitalization of $2.07 billion, a P/E ratio of -14.43 and a beta of -1.47. The company has a 50 day simple moving average of $49.62 and a two-hundred day simple moving average of $49.43.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($1.83) EPS for the quarter, missing the consensus estimate of ($0.61) by ($1.22). As a group, research analysts expect that Soleno Therapeutics, Inc. will post -3.7 EPS for the current fiscal year.

Insider Activity at Soleno Therapeutics

In other news, CFO James H. Mackaness sold 4,083 shares of Soleno Therapeutics stock in a transaction that occurred 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 transaction, the chief financial officer now owns 115,089 shares of the company’s stock, valued at $5,226,191.49. The trade was a 3.43 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Bhatnagar Anish sold 10,937 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total transaction of $496,649.17. Following the transaction, the chief executive officer now owns 708,616 shares of the company’s stock, valued at approximately $32,178,252.56. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have 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 owned by company insiders.

Institutional Investors Weigh In On Soleno Therapeutics

Several institutional investors have recently bought and sold shares of SLNO. Amalgamated Bank purchased a new stake in shares of Soleno Therapeutics during the 2nd quarter valued at $31,000. Avanza Fonder AB purchased a new stake in shares of Soleno Therapeutics during the fourth quarter worth about $76,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Soleno Therapeutics in the third quarter worth $155,000. Curi RMB Capital LLC acquired a new stake in shares of Soleno Therapeutics during the third quarter worth about $202,000. Finally, Intech Investment Management LLC purchased a new stake in Soleno Therapeutics in the third quarter valued at approximately $262,000. 97.42% of the stock is currently owned by institutional investors and hedge funds.

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.