HC Wainwright Reaffirms Buy Rating for Soleno Therapeutics (NASDAQ:SLNO)

Soleno Therapeutics (NASDAQ:SLNO)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a note issued to investors on Monday,Benzinga reports. They presently have a $70.00 target price on the stock. HC Wainwright’s price target suggests a potential upside of 57.52% from the company’s previous close.

Several other brokerages have also issued reports on SLNO. Robert W. Baird restated an “outperform” rating and issued a $72.00 target price on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Stifel Nicolaus restated a “buy” rating and issued a $74.00 target price on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Finally, Lifesci Capital upgraded Soleno Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 4th. Five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $71.20.

Soleno Therapeutics Trading Down 3.0 %

Shares of Soleno Therapeutics stock opened at $44.44 on Monday. The business’s fifty day simple moving average is $47.19 and its 200 day simple moving average is $49.89. The firm has a market capitalization of $1.92 billion, a P/E ratio of -13.39 and a beta of -1.46. Soleno Therapeutics has a 12 month low of $36.61 and a 12 month high of $60.92.

Soleno Therapeutics (NASDAQ:SLNO) last issued its earnings results 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). Analysts predict that Soleno Therapeutics will post -3.72 EPS for the current fiscal year.

Insider Activity

In related news, CFO James H. Mackaness sold 4,083 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total transaction of $185,409.03. Following the completion of the transaction, the chief financial officer now directly owns 115,089 shares in the company, valued at $5,226,191.49. The trade was a 3.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kristen Yen sold 2,340 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $46.18, for a total value of $108,061.20. Following the transaction, the insider now owns 76,605 shares of the company’s stock, valued at approximately $3,537,618.90. The trade was a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,360 shares of company stock worth $790,119. 12.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Soleno Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AlphaQuest LLC grew its position in Soleno Therapeutics by 1,154.4% during the fourth quarter. AlphaQuest LLC now owns 715 shares of the company’s stock worth $32,000 after buying an additional 658 shares in the last quarter. US Bancorp DE purchased a new position in Soleno Therapeutics during the fourth quarter worth about $34,000. Avanza Fonder AB purchased a new position in Soleno Therapeutics during the fourth quarter worth about $76,000. Springhill Fund Asset Management HK Co Ltd purchased a new position in Soleno Therapeutics during the fourth quarter worth about $81,000. Finally, Avior Wealth Management LLC purchased a new position in shares of Soleno Therapeutics in the 4th quarter worth about $89,000. 97.42% of the stock is currently owned by hedge funds and other 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.