Soleno Therapeutics (NASDAQ:SLNO) Stock Price Up 8.6% – Should You Buy?

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price traded up 8.6% during trading on Wednesday . The stock traded as high as $46.22 and last traded at $46.19. 188,012 shares traded hands during trading, a decline of 55% from the average session volume of 419,373 shares. The stock had previously closed at $42.54.

Analysts Set New Price Targets

SLNO has been the topic of a number of analyst reports. Stifel Nicolaus reiterated a “buy” rating and set a $74.00 price objective on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $67.00 price objective on shares of Soleno Therapeutics in a research report on Friday, September 20th. Oppenheimer raised their target price on Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a research note on Monday, October 28th. Robert W. Baird reiterated an “outperform” rating and set a $72.00 price target on shares of Soleno Therapeutics in a report on Monday, December 2nd. Finally, HC Wainwright restated a “buy” rating and issued a $70.00 price objective on shares of Soleno Therapeutics in a report on Monday, December 2nd. Six 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, the stock presently has a consensus rating of “Buy” and an average target price of $74.83.

Soleno Therapeutics Price Performance

The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -14.43 and a beta of -1.47. The stock has a 50 day moving average price of $49.62 and a two-hundred day moving average price of $49.43.

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

Insider Buying and Selling

In other Soleno Therapeutics news, insider Kristen Yen sold 2,340 shares of the company’s 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 owns 76,605 shares in the company, valued at $3,537,618.90. This represents a 2.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Bhatnagar Anish sold 10,937 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total value of $496,649.17. Following the completion of 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 a total of 17,360 shares of company stock valued at $790,119 in the last ninety days. Company insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

A number of large investors have recently modified their holdings of SLNO. Janus Henderson Group PLC increased its holdings in Soleno Therapeutics by 21.5% in the third quarter. Janus Henderson Group PLC now owns 4,081,099 shares of the company’s stock valued at $206,016,000 after buying an additional 722,226 shares during the last quarter. Nantahala Capital Management LLC increased its holdings in shares of Soleno Therapeutics by 27.9% in the 2nd quarter. Nantahala Capital Management LLC now owns 3,082,107 shares of the company’s stock valued at $125,750,000 after acquiring an additional 671,728 shares during the last quarter. FMR LLC raised its position in shares of Soleno Therapeutics by 6,048,754.5% during the 3rd quarter. FMR LLC now owns 665,374 shares of the company’s stock worth $33,595,000 after acquiring an additional 665,363 shares in the last quarter. Westfield Capital Management Co. LP purchased a new stake in Soleno Therapeutics during the third quarter worth approximately $25,028,000. Finally, Avoro Capital Advisors LLC increased its stake in Soleno Therapeutics by 28.7% in the second quarter. Avoro Capital Advisors LLC now owns 2,091,666 shares of the company’s stock valued at $85,340,000 after purchasing an additional 466,666 shares during the last quarter. 97.42% of the stock is owned by hedge funds and other institutional investors.

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.