Soleno Therapeutics (NASDAQ:SLNO) Stock Price Down 6.7% on Insider Selling

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price traded down 6.7% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $67.23 and last traded at $66.66. 824,107 shares traded hands during mid-day trading, an increase of 27% from the average session volume of 650,453 shares. The stock had previously closed at $71.45.

Specifically, VP Michael F. Huang sold 14,583 shares of the firm’s stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $69.51, for a total value of $1,013,664.33. Following the completion of the sale, the vice president now directly owns 36,817 shares of the company’s stock, valued at $2,559,149.67. This trade represents a 28.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James H. Mackaness sold 90,622 shares of Soleno Therapeutics stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $69.44, for a total value of $6,292,791.68. Following the completion of the sale, the chief financial officer now owns 105,176 shares in the company, valued at $7,303,421.44. This represents a 46.28 % decrease in their position. The disclosure for this sale can be found here. In related news, Director Matthew Pauls sold 5,937 shares of the firm’s stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $71.55, for a total transaction of $424,792.35. Following the completion of the transaction, the director now directly owns 6,500 shares in the company, valued at $465,075. This trade represents a 47.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Stifel Nicolaus upped their price objective on Soleno Therapeutics from $74.00 to $108.00 and gave the stock a “buy” rating in a research report on Friday, March 28th. Laidlaw increased their price target on Soleno Therapeutics from $75.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday, March 27th. Lifesci Capital raised Soleno Therapeutics to a “strong-buy” rating in a report on Tuesday, February 4th. Cantor Fitzgerald upped their target price on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the stock an “overweight” rating in a research report on Thursday, March 27th. Finally, Robert W. Baird raised their price target on Soleno Therapeutics from $72.00 to $102.00 and gave the company an “outperform” rating in a research report on Thursday, March 27th. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $98.86.

Soleno Therapeutics Stock Performance

The stock has a 50 day moving average of $50.32 and a two-hundred day moving average of $50.50. The stock has a market cap of $3.38 billion, a PE ratio of -22.19 and a beta of -2.29.

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). Analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Soleno Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. AlphaQuest LLC boosted its stake in shares of Soleno Therapeutics by 1,154.4% in the 4th quarter. AlphaQuest LLC now owns 715 shares of the company’s stock valued at $32,000 after purchasing an additional 658 shares in the last quarter. US Bancorp DE bought a new stake in Soleno Therapeutics in the fourth quarter valued at about $34,000. Avanza Fonder AB acquired a new stake in shares of Soleno Therapeutics in the 4th quarter valued at approximately $76,000. Springhill Fund Asset Management HK Co Ltd acquired a new stake in Soleno Therapeutics in the fourth quarter worth $81,000. Finally, Avior Wealth Management LLC bought a new position in Soleno Therapeutics during the fourth quarter worth about $89,000. Institutional investors own 97.42% of the company’s stock.

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.