Soleno Therapeutics (NASDAQ:SLNO) Stock Price Down 2.5% After Insider Selling

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) dropped 2.5% during trading on Monday after an insider sold shares in the company. The stock traded as low as $45.28 and last traded at $45.28. Approximately 6,739 shares changed hands during trading, a decline of 98% from the average daily volume of 352,929 shares. The stock had previously closed at $46.46.

Specifically, CEO Bhatnagar Anish sold 10,937 shares of the firm’s 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 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO James H. Mackaness sold 4,083 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total value of $185,409.03. Following the completion of the transaction, the chief financial officer now directly owns 115,089 shares of the company’s stock, valued at approximately $5,226,191.49. The trade was a 3.43 % decrease in their position. The disclosure for this sale can be found here. In other news, insider Kristen Yen sold 2,340 shares of Soleno Therapeutics stock in a transaction dated 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 directly owns 76,605 shares of the company’s stock, valued at approximately $3,537,618.90. This trade represents a 2.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analysts Set New Price Targets

SLNO has been the subject of a number of research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $67.00 price objective on shares of Soleno Therapeutics in a report on Friday, September 20th. Robert W. Baird reaffirmed an “outperform” rating and set a $72.00 price target on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Oppenheimer boosted their price objective on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a research note on Monday, October 28th. HC Wainwright reaffirmed a “buy” rating and set a $70.00 target price on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $74.00 price target on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Soleno Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $74.83.

Soleno Therapeutics Trading Down 3.7 %

The company has a market cap of $1.92 billion, a price-to-earnings ratio of -13.41 and a beta of -1.47. The stock’s 50-day moving average is $50.85 and its 200-day moving average is $49.31.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($1.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). As a group, analysts predict that Soleno Therapeutics, Inc. will post -3.7 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLNO. FMR LLC raised its position in shares of Soleno Therapeutics by 6,048,754.5% during the third quarter. FMR LLC now owns 665,374 shares of the company’s stock worth $33,595,000 after purchasing an additional 665,363 shares during the period. Barclays PLC lifted its stake in shares of Soleno Therapeutics by 149.3% in the third quarter. Barclays PLC now owns 52,545 shares of the company’s stock valued at $2,652,000 after buying an additional 31,467 shares in the last quarter. Sofinnova Investments Inc. lifted its stake in shares of Soleno Therapeutics by 267.7% in the second quarter. Sofinnova Investments Inc. now owns 554,359 shares of the company’s stock valued at $22,618,000 after buying an additional 403,584 shares in the last quarter. Samlyn Capital LLC grew its holdings in shares of Soleno Therapeutics by 128.9% during the second quarter. Samlyn Capital LLC now owns 501,049 shares of the company’s stock valued at $20,443,000 after buying an additional 282,122 shares during the last quarter. Finally, TD Asset Management Inc increased its position in shares of Soleno Therapeutics by 174.0% during the second quarter. TD Asset Management Inc now owns 57,534 shares of the company’s stock worth $2,347,000 after acquiring an additional 36,534 shares in the last quarter. 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.