Soleno Therapeutics, Inc. (NASDAQ:SLNO) Given Average Rating of “Buy” by Brokerages

Soleno Therapeutics, Inc. (NASDAQ:SLNO) has earned an average rating of “Buy” from the seven research firms that are currently covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $74.83.

A number of equities analysts have issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $70.00 price target on shares of Soleno Therapeutics in a research report on Monday, November 11th. Oppenheimer increased their target price on Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a research report on Monday, October 28th. Cantor Fitzgerald reissued an “overweight” rating and issued a $67.00 price target on shares of Soleno Therapeutics in a report on Friday, September 20th. Finally, Stifel Nicolaus increased their price objective on shares of Soleno Therapeutics from $59.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, October 1st.

Soleno Therapeutics Price Performance

NASDAQ:SLNO opened at $52.71 on Tuesday. The company has a 50 day moving average price of $53.51 and a 200-day moving average price of $48.64. Soleno Therapeutics has a 1-year low of $27.27 and a 1-year high of $60.92. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of -15.88 and a beta of -1.44.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings data 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, sell-side analysts anticipate that Soleno Therapeutics will post -3.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Soleno Therapeutics

In related news, insider Kristen Yen sold 3,108 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total value of $153,628.44. Following the completion of the sale, the insider now owns 81,465 shares of the company’s stock, valued at approximately $4,026,814.95. This trade represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Bhatnagar Anish sold 21,633 shares of Soleno Therapeutics stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total value of $1,069,319.19. Following the transaction, the chief executive officer now owns 719,553 shares in the company, valued at approximately $35,567,504.79. The trade was a 2.92 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,818 shares of company stock worth $1,622,194. Corporate insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC grew its holdings in shares of Soleno Therapeutics by 21.5% in the third quarter. Janus Henderson Group PLC now owns 4,081,099 shares of the company’s stock valued at $206,016,000 after purchasing an additional 722,226 shares during the period. Perceptive Advisors LLC raised its stake in Soleno Therapeutics by 4.2% during the second quarter. Perceptive Advisors LLC now owns 3,204,976 shares of the company’s stock worth $130,763,000 after purchasing an additional 130,434 shares during the period. Nantahala Capital Management LLC grew its stake in shares of Soleno Therapeutics by 27.9% in the 2nd quarter. Nantahala Capital Management LLC now owns 3,082,107 shares of the company’s stock valued at $125,750,000 after buying an additional 671,728 shares during the period. Avoro Capital Advisors LLC increased its holdings in shares of Soleno Therapeutics by 28.7% during the 2nd quarter. Avoro Capital Advisors LLC now owns 2,091,666 shares of the company’s stock worth $85,340,000 after buying an additional 466,666 shares during the last quarter. Finally, State Street Corp raised its position in shares of Soleno Therapeutics by 14.2% during the 3rd quarter. State Street Corp now owns 1,142,169 shares of the company’s stock valued at $57,668,000 after buying an additional 142,033 shares during the period. 97.42% of the stock is owned by institutional investors and hedge funds.

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.