Soleno Therapeutics Sees Unusually High Options Volume (NASDAQ:SLNO)

Soleno Therapeutics, Inc. (NASDAQ:SLNO) saw unusually large options trading on Monday. Traders bought 11,493 put options on the company. This is an increase of 451% compared to the average volume of 2,084 put options.

Soleno Therapeutics Stock Performance

Shares of Soleno Therapeutics stock traded down $0.50 during trading hours on Monday, reaching $44.32. The company’s stock had a trading volume of 97,815 shares, compared to its average volume of 492,182. The company has a market capitalization of $1.91 billion, a P/E ratio of -13.35 and a beta of -1.47. The stock’s fifty day simple moving average is $52.05 and its two-hundred day simple moving average is $49.14. Soleno Therapeutics has a one year low of $35.70 and a one year high of $60.92.

Soleno Therapeutics (NASDAQ:SLNO) last posted its 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). As a group, research analysts forecast that Soleno Therapeutics will post -3.7 earnings per share for the current year.

Insider Buying and Selling

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 21,633 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total transaction of $1,069,319.19. Following the completion of the sale, the chief executive officer now directly owns 719,553 shares in the company, valued at approximately $35,567,504.79. This trade represents a 2.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kristen Yen sold 3,108 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total value of $153,628.44. Following the completion of the transaction, the insider now directly owns 81,465 shares in the company, valued at $4,026,814.95. This represents a 3.67 % 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 valued at $1,622,194 over the last ninety days. 12.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Janus Henderson Group PLC lifted its holdings in Soleno Therapeutics by 21.5% during the third quarter. Janus Henderson Group PLC now owns 4,081,099 shares of the company’s stock worth $206,016,000 after acquiring an additional 722,226 shares during the period. Perceptive Advisors LLC boosted its holdings in shares of Soleno Therapeutics by 4.2% in the 2nd quarter. Perceptive Advisors LLC now owns 3,204,976 shares of the company’s stock worth $130,763,000 after buying an additional 130,434 shares during the last quarter. Nantahala Capital Management LLC grew its position in Soleno Therapeutics by 27.9% during the second 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 Soleno Therapeutics by 28.7% during the second 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 increased its stake 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 worth $57,668,000 after purchasing an additional 142,033 shares during the last quarter. 97.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SLNO. Robert W. Baird reiterated an “outperform” rating and issued a $72.00 target price on shares of Soleno Therapeutics in a report on Monday, December 2nd. Oppenheimer boosted their target price on shares of 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 restated an “overweight” rating and issued a $67.00 price target on shares of Soleno Therapeutics in a report on Friday, September 20th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $74.00 price target on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Finally, HC Wainwright reissued a “buy” rating and set a $70.00 price objective on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $74.83.

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.