Soleno Therapeutics (NASDAQ:SLNO) Reaches New 52-Week High After Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price reached a new 52-week high during trading on Thursday after Cantor Fitzgerald raised their price target on the stock from $67.00 to $123.00. Cantor Fitzgerald currently has an overweight 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.

Several other research firms have also weighed in on SLNO. HC Wainwright reissued a “buy” rating and issued a $70.00 price objective on shares of Soleno Therapeutics in a research report on Monday, March 3rd. Robert W. Baird increased their price target on Soleno Therapeutics from $72.00 to $102.00 and gave the stock an “outperform” rating in a report on Thursday. Stifel Nicolaus began coverage on shares of Soleno Therapeutics in a research report on Wednesday, March 5th. They set a “buy” rating and a $74.00 target price on the stock. Finally, Lifesci Capital raised shares of Soleno Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 4th. Five research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Soleno Therapeutics has a consensus rating of “Buy” and an average price target of $88.40.

Insider Buying and Selling at Soleno Therapeutics

In other news, CEO Bhatnagar Anish sold 10,937 shares of Soleno Therapeutics stock in a transaction 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 sale, the chief executive officer now directly owns 708,616 shares in the company, valued at $32,178,252.56. The trade was a 1.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James H. Mackaness sold 4,083 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were 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 owns 115,089 shares in the company, valued at approximately $5,226,191.49. The trade was a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,360 shares of company stock worth $790,119. Insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

Several institutional investors have recently made changes to their positions in SLNO. Corebridge Financial Inc. lifted its holdings in Soleno Therapeutics by 2.9% during the 4th quarter. Corebridge Financial Inc. now owns 12,720 shares of the company’s stock worth $572,000 after purchasing an additional 357 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in Soleno Therapeutics by 24.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,677 shares of the company’s stock worth $120,000 after acquiring an additional 522 shares during the period. AlphaQuest LLC lifted its stake in Soleno Therapeutics by 1,154.4% in the 4th quarter. AlphaQuest LLC now owns 715 shares of the company’s stock worth $32,000 after purchasing an additional 658 shares in the last quarter. US Bancorp DE bought a new position in Soleno Therapeutics in the 4th quarter valued at $34,000. Finally, Alliancebernstein L.P. increased its holdings in shares of Soleno Therapeutics by 3.5% in the fourth quarter. Alliancebernstein L.P. now owns 23,810 shares of the company’s stock worth $1,070,000 after purchasing an additional 800 shares during the period. Hedge funds and other institutional investors own 97.42% of the company’s stock.

Soleno Therapeutics Stock Performance

The firm has a market capitalization of $3.15 billion, a P/E ratio of -20.61 and a beta of -1.70. The business has a 50 day simple moving average of $48.01 and a two-hundred day simple moving average of $49.78.

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