Soleno Therapeutics (NASDAQ:SLNO) Reaches New 1-Year High After Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s share price hit a new 52-week high on Thursday after Stifel Nicolaus raised their price target on the stock from $74.00 to $108.00. Stifel Nicolaus currently has a buy rating on the stock. Soleno Therapeutics traded as high as $70.20 and last traded at $67.31, with a volume of 2375198 shares traded. The stock had previously closed at $48.97.

A number of other equities research analysts have also recently weighed in on SLNO. Cantor Fitzgerald lifted their price target on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the company an “overweight” rating in a research report on Thursday. Laidlaw lifted their target price on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the company a “buy” rating in a report on Thursday. HC Wainwright restated a “buy” rating and set a $70.00 price target on shares of Soleno Therapeutics in a research note on Monday, March 3rd. Guggenheim reaffirmed a “buy” rating and issued a $81.00 price objective (up from $70.00) on shares of Soleno Therapeutics in a research note on Friday. Finally, Robert W. Baird boosted their price objective on Soleno Therapeutics from $72.00 to $102.00 and gave the company an “outperform” rating in a report on Thursday. Seven investment 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 currently has an average rating of “Buy” and an average target price of $94.57.

Insider Activity at Soleno Therapeutics

In related news, insider Kristen Yen sold 2,340 shares of Soleno Therapeutics stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $46.18, for a total value of $108,061.20. Following the completion of the transaction, the insider now owns 76,605 shares in the company, valued at $3,537,618.90. The trade was a 2.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 $32,178,252.56. This trade represents a 1.52 % decrease in their position. 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. Company insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Soleno Therapeutics

Several large investors have recently bought and sold shares of the business. Wellington Management Group LLP boosted its position in shares of Soleno Therapeutics by 14.5% during the 4th quarter. Wellington Management Group LLP now owns 782,265 shares of the company’s stock worth $35,163,000 after acquiring an additional 99,095 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Soleno Therapeutics by 23.6% in the fourth quarter. California State Teachers Retirement System now owns 21,977 shares of the company’s stock valued at $988,000 after purchasing an additional 4,201 shares in the last quarter. Polar Asset Management Partners Inc. increased its stake in Soleno Therapeutics by 296.8% in the fourth quarter. Polar Asset Management Partners Inc. now owns 125,400 shares of the company’s stock valued at $5,637,000 after purchasing an additional 93,800 shares during the last quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. purchased a new position in Soleno Therapeutics in the fourth quarter valued at approximately $13,451,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Soleno Therapeutics by 24.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 27,504 shares of the company’s stock worth $1,236,000 after purchasing an additional 5,462 shares in the last quarter. Hedge funds and other institutional investors own 97.42% of the company’s stock.

Soleno Therapeutics Stock Performance

The firm’s 50-day moving average price is $48.94 and its two-hundred day moving average price is $50.06. The firm has a market cap of $3.30 billion, a PE ratio of -21.68 and a beta of -1.70.

Soleno Therapeutics (NASDAQ:SLNO) last released 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, sell-side analysts predict that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

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.