Soleno Therapeutics (NASDAQ:SLNO) Stock Price Down 3.4% – Should You Sell?

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) dropped 3.4% during mid-day trading on Wednesday . The company traded as low as $48.50 and last traded at $48.40. Approximately 379,566 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 525,409 shares. The stock had previously closed at $50.11.

Analyst Ratings Changes

SLNO has been the subject of a number of analyst reports. Lifesci Capital upgraded Soleno Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 4th. Stifel Nicolaus initiated coverage on Soleno Therapeutics in a research report on Wednesday, March 5th. They issued a “buy” rating and a $74.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $70.00 price target on shares of Soleno Therapeutics in a research report on Monday, March 3rd. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $72.00 price objective on shares of Soleno Therapeutics in a report on Monday, December 2nd. Five analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $71.20.

Soleno Therapeutics Price Performance

The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of -14.55 and a beta of -1.70. The business has a fifty day moving average of $47.43 and a 200 day moving average of $49.77.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.41). On average, equities research analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Insiders Place Their Bets

In other news, insider Kristen Yen sold 2,340 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $46.18, for a total transaction of $108,061.20. Following the sale, the insider now owns 76,605 shares of the company’s stock, valued at approximately $3,537,618.90. This represents a 2.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Bhatnagar Anish sold 10,937 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total value of $496,649.17. Following the sale, the chief executive officer now directly owns 708,616 shares in the company, valued at $32,178,252.56. This represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,360 shares of company stock worth $790,119 over the last ninety days. Corporate insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

A number of large investors have recently modified their holdings of SLNO. Victory Capital Management Inc. increased its position in shares of Soleno Therapeutics by 25.9% during the third quarter. Victory Capital Management Inc. now owns 13,509 shares of the company’s stock worth $682,000 after acquiring an additional 2,782 shares during the period. Intech Investment Management LLC purchased a new position in Soleno Therapeutics in the third quarter valued at $262,000. HealthInvest Partners AB purchased a new position in Soleno Therapeutics in the third quarter valued at $1,332,000. Charles Schwab Investment Management Inc. increased its holdings in Soleno Therapeutics by 208.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 192,597 shares of the company’s stock valued at $9,724,000 after buying an additional 130,080 shares during the last quarter. Finally, Westfield Capital Management Co. LP purchased a new position in Soleno Therapeutics in the third quarter valued at $25,028,000. Hedge funds and other 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.