Soleno Therapeutics (NASDAQ:SLNO) Sees Large Volume Increase After Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO) saw strong trading volume on Monday after HC Wainwright raised their price target on the stock from $70.00 to $100.00. HC Wainwright currently has a buy rating on the stock. 891,497 shares were traded during mid-day trading, an increase of 40% from the previous session’s volume of 638,012 shares.The stock last traded at $73.53 and had previously closed at $71.99.

Other equities analysts also recently issued reports about the company. Robert W. Baird raised their price objective on Soleno Therapeutics from $72.00 to $102.00 and gave the stock an “outperform” rating in a report on Thursday, March 27th. Stifel Nicolaus raised their price target on shares of Soleno Therapeutics from $74.00 to $108.00 and gave the company a “buy” rating in a report on Friday. Guggenheim reiterated a “buy” rating and set a $81.00 price objective (up from $70.00) on shares of Soleno Therapeutics in a research note on Friday. Lifesci Capital raised shares of Soleno Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 4th. Finally, Laidlaw lifted their target price on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, March 27th. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $98.86.

Insider Activity at Soleno Therapeutics

In other Soleno Therapeutics news, VP Michael F. Huang sold 14,583 shares of the company’s stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $69.51, for a total value of $1,013,664.33. Following the transaction, the vice president now directly owns 36,817 shares of the company’s stock, valued at $2,559,149.67. This represents a 28.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Patricia C. Hirano sold 128,653 shares of the stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $68.32, for a total value of $8,789,572.96. Following the transaction, the insider now owns 55,789 shares of the company’s stock, valued at approximately $3,811,504.48. This trade represents a 69.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 956,250 shares of company stock valued at $64,583,745. Corporate insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in SLNO. Wellington Management Group LLP boosted its stake in Soleno Therapeutics by 14.5% during the 4th quarter. Wellington Management Group LLP now owns 782,265 shares of the company’s stock valued at $35,163,000 after acquiring an additional 99,095 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of Soleno Therapeutics by 23.6% in the 4th quarter. California State Teachers Retirement System now owns 21,977 shares of the company’s stock valued at $988,000 after purchasing an additional 4,201 shares in the last quarter. Polar Asset Management Partners Inc. lifted its position in shares of Soleno Therapeutics by 296.8% during the fourth quarter. Polar Asset Management Partners Inc. now owns 125,400 shares of the company’s stock worth $5,637,000 after purchasing an additional 93,800 shares during the last quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. acquired a new position in Soleno Therapeutics in the fourth quarter worth about $13,451,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Soleno Therapeutics by 24.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 27,504 shares of the company’s stock valued at $1,236,000 after buying an additional 5,462 shares during the last quarter. Institutional investors own 97.42% of the company’s stock.

Soleno Therapeutics Price Performance

The company has a fifty day moving average of $49.44 and a two-hundred day moving average of $50.23. The stock has a market capitalization of $3.28 billion, a P/E ratio of -21.52 and a beta of -1.70.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share (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.

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.