Soleno Therapeutics (NASDAQ:SLNO) Reaches New 12-Month High – Here’s What Happened

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares hit a new 52-week high on Thursday . The company traded as high as $74.00 and last traded at $72.45, with a volume of 664720 shares changing hands. The stock had previously closed at $73.67.

Analyst Ratings Changes

SLNO has been the subject of several recent analyst reports. Laidlaw boosted their price objective on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, March 27th. Lifesci Capital upgraded shares of Soleno Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 4th. Guggenheim reiterated a “buy” rating and set a $81.00 target price (up previously from $70.00) on shares of Soleno Therapeutics in a research note on Friday, March 28th. UBS Group set a $105.00 target price on Soleno Therapeutics in a research note on Thursday, March 27th. Finally, Robert W. Baird upped their price target on Soleno Therapeutics from $72.00 to $102.00 and gave the stock an “outperform” rating in a research note on Thursday, March 27th. Seven equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $99.63.

Soleno Therapeutics Trading Down 2.0 %

The company has a market cap of $3.31 billion, a P/E ratio of -21.73 and a beta of -2.29. The company’s 50-day moving average price is $50.32 and its two-hundred day moving average price is $50.50.

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

Insider Buying and Selling at Soleno Therapeutics

In other news, Director Matthew Pauls sold 5,937 shares of the firm’s stock in a transaction on Friday, March 28th. The stock was sold at an average price of $71.55, for a total transaction of $424,792.35. Following the transaction, the director now directly owns 6,500 shares of the company’s stock, valued at approximately $465,075. This trade represents a 47.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patricia C. Hirano sold 3,782 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $70.11, for a total transaction of $265,156.02. Following the transaction, the insider now directly owns 27,036 shares in the company, valued at approximately $1,895,493.96. The trade was a 12.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 945,012 shares of company stock valued at $64,166,842 in the last ninety days. Company 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 business. Janus Henderson Group PLC increased its holdings in shares of Soleno Therapeutics by 27.1% in the fourth quarter. Janus Henderson Group PLC now owns 5,188,265 shares of the company’s stock valued at $233,130,000 after buying an additional 1,107,166 shares in the last quarter. FMR LLC raised its position in shares of Soleno Therapeutics by 6,048,754.5% during the third quarter. FMR LLC now owns 665,374 shares of the company’s stock worth $33,595,000 after purchasing an additional 665,363 shares during the period. Nantahala Capital Management LLC lifted its holdings in shares of Soleno Therapeutics by 20.1% during the fourth 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 boosted its position in shares of Soleno Therapeutics by 15.8% in the 4th quarter. Avoro Capital Advisors LLC now owns 2,525,000 shares of the company’s stock valued at $113,499,000 after purchasing an additional 344,000 shares during the period. Finally, Vestal Point Capital LP increased its stake in 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 purchasing an additional 340,000 shares in the last quarter. 97.42% of the stock is 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.