Soleno Therapeutics, Inc. (NASDAQ:SLNO) Given Average Recommendation of “Buy” by Brokerages

Soleno Therapeutics, Inc. (NASDAQ:SLNO) has received a consensus recommendation of “Buy” from the seven ratings firms that are presently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $74.83.

Several research analysts have issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $70.00 target price on shares of Soleno Therapeutics in a report on Monday, December 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $67.00 target price on shares of Soleno Therapeutics in a research note on Friday, September 20th. Stifel Nicolaus restated a “buy” rating and issued a $74.00 price target on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Robert W. Baird reaffirmed an “outperform” rating and set a $72.00 price objective on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Finally, Oppenheimer boosted their target price on Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th.

Insider Activity at Soleno Therapeutics

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 10,937 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total transaction of $496,649.17. Following the completion of the sale, the chief executive officer now directly owns 708,616 shares of the company’s stock, valued at approximately $32,178,252.56. This represents a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kristen Yen sold 2,340 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now owns 76,605 shares in the company, valued at $3,537,618.90. The trade was a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,360 shares of company stock worth $790,119. 12.30% of the stock is owned by insiders.

Institutional Trading of Soleno Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers bought a new position in shares of Soleno Therapeutics during the 2nd quarter valued at approximately $1,189,000. Victory Capital Management Inc. increased its stake in shares of Soleno Therapeutics by 26.3% in the second quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock worth $438,000 after purchasing an additional 2,236 shares in the last quarter. Sofinnova Investments Inc. raised its position in shares of Soleno Therapeutics by 267.7% during the 2nd quarter. Sofinnova Investments Inc. now owns 554,359 shares of the company’s stock valued at $22,618,000 after purchasing an additional 403,584 shares during the period. Amalgamated Bank purchased a new position in shares of Soleno Therapeutics during the 2nd quarter valued at $31,000. Finally, Avoro Capital Advisors LLC boosted its holdings in Soleno Therapeutics by 28.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 2,091,666 shares of the company’s stock worth $85,340,000 after buying an additional 466,666 shares during the period. Hedge funds and other institutional investors own 97.42% of the company’s stock.

Soleno Therapeutics Stock Down 1.2 %

Soleno Therapeutics stock opened at $42.54 on Wednesday. The stock’s 50 day moving average is $49.62 and its 200 day moving average is $49.43. The company has a market capitalization of $1.83 billion, a P/E ratio of -12.81 and a beta of -1.47. Soleno Therapeutics has a twelve month low of $36.61 and a twelve month high of $60.92.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly 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, equities analysts expect that Soleno Therapeutics will post -3.7 EPS for the current 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.