Soleno Therapeutics (NASDAQ:SLNO) Stock Price Up 3.9% Following Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares shot up 3.9% during trading on Friday after Stifel Nicolaus raised their price target on the stock from $74.00 to $108.00. Stifel Nicolaus currently has a buy rating on the stock. Soleno Therapeutics traded as high as $70.86 and last traded at $70.04. 713,005 shares traded hands during trading, an increase of 17% from the average session volume of 609,716 shares. The stock had previously closed at $67.39.

Several other analysts have also weighed in on the company. Lifesci Capital raised Soleno Therapeutics to a “strong-buy” rating in a report on Tuesday, February 4th. Laidlaw lifted their price target on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday. Robert W. Baird increased their price objective on shares of Soleno Therapeutics from $72.00 to $102.00 and gave the company an “outperform” rating in a research note on Thursday. Guggenheim reiterated a “buy” rating and set a $81.00 target price (up from $70.00) on shares of Soleno Therapeutics in a research report on Friday. Finally, HC Wainwright reissued a “buy” rating and issued a $70.00 price target on shares of Soleno Therapeutics in a research report on Monday, March 3rd. Seven investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $94.57.

Insider Buying and Selling at Soleno Therapeutics

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 10,937 shares of the firm’s 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 owns 708,616 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Also, CFO James H. Mackaness sold 4,083 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total transaction of $185,409.03. Following the transaction, the chief financial officer now owns 115,089 shares in the company, valued at $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 quarter, insiders sold 17,360 shares of company stock worth $790,119. 12.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. 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 acquiring an additional 665,363 shares during the last quarter. Barclays PLC raised its holdings in Soleno Therapeutics by 149.3% during the 3rd quarter. Barclays PLC now owns 52,545 shares of the company’s stock worth $2,652,000 after purchasing an additional 31,467 shares during the last quarter. Emerald Advisers LLC lifted its position in Soleno Therapeutics by 85.4% during the 4th quarter. Emerald Advisers LLC now owns 580,919 shares of the company’s stock valued at $26,112,000 after purchasing an additional 267,585 shares during the period. State Street Corp lifted its position in Soleno Therapeutics by 14.2% during the 3rd quarter. State Street Corp now owns 1,142,169 shares of the company’s stock valued at $57,668,000 after purchasing an additional 142,033 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Soleno Therapeutics by 13.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 217,550 shares of the company’s stock worth $9,779,000 after buying an additional 24,953 shares during the period. 97.42% of the stock is currently owned by institutional investors.

Soleno Therapeutics Stock Performance

The firm’s 50-day moving average price is $48.94 and its 200 day moving average price is $50.06. The company has a market cap of $3.30 billion, a price-to-earnings ratio of -21.68 and a beta of -1.70.

Soleno Therapeutics (NASDAQ:SLNO) last issued its earnings results on Wednesday, March 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.41). As a group, equities research analysts predict that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

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.