Soleno Therapeutics, Inc. (NASDAQ:SLNO) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) have been assigned a consensus rating of “Buy” from the seven brokerages that are presently covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $60.33.

A number of brokerages have weighed in on SLNO. Robert W. Baird started coverage on Soleno Therapeutics in a report on Friday, May 10th. They set an “outperform” rating and a $72.00 price target for the company. Oppenheimer cut their price objective on shares of Soleno Therapeutics from $65.00 to $59.00 and set an “outperform” rating on the stock in a research report on Monday, May 13th. Finally, Baird R W raised shares of Soleno Therapeutics to a “strong-buy” rating in a research report on Friday, May 10th.

Insider Activity at Soleno Therapeutics

In related news, CFO James H. Mackaness sold 7,190 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $41.54, for a total value of $298,672.60. Following the transaction, the chief financial officer now owns 55,763 shares of the company’s stock, valued at approximately $2,316,395.02. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 19,256 shares of Soleno Therapeutics stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $41.54, for a total transaction of $799,894.24. Following the transaction, the chief executive officer now owns 133,534 shares of the company’s stock, valued at approximately $5,547,002.36. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO James H. Mackaness sold 7,190 shares of Soleno Therapeutics stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $41.54, for a total transaction of $298,672.60. Following the transaction, the chief financial officer now directly owns 55,763 shares in the company, valued at approximately $2,316,395.02. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,616 shares of company stock valued at $1,188,709. 12.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Soleno Therapeutics

Several large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC increased its stake in shares of Soleno Therapeutics by 28.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 133,584 shares of the company’s stock worth $5,450,000 after purchasing an additional 29,745 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Soleno Therapeutics during the 2nd quarter worth approximately $3,623,000. Assenagon Asset Management S.A. purchased a new stake in shares of Soleno Therapeutics during the 2nd quarter worth approximately $29,778,000. SG Americas Securities LLC purchased a new stake in shares of Soleno Therapeutics during the 2nd quarter worth approximately $569,000. Finally, California State Teachers Retirement System increased its stake in shares of Soleno Therapeutics by 33.8% during the 1st quarter. California State Teachers Retirement System now owns 13,780 shares of the company’s stock worth $590,000 after purchasing an additional 3,481 shares during the last quarter. Hedge funds and other institutional investors own 97.42% of the company’s stock.

Soleno Therapeutics Trading Down 0.3 %

Shares of Soleno Therapeutics stock opened at $46.66 on Wednesday. The business has a 50-day moving average price of $43.84 and a two-hundred day moving average price of $44.30. Soleno Therapeutics has a 1-year low of $3.69 and a 1-year high of $53.82. The company has a market cap of $1.56 billion, a P/E ratio of -17.41 and a beta of -1.39.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.29). Equities research analysts forecast that Soleno Therapeutics will post -2.36 EPS for the current fiscal year.

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.