Soleno Therapeutics (NASDAQ:SLNO) Shares Down 6.7% Following Insider Selling

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price traded down 6.7% during trading on Tuesday following insider selling activity. The company traded as low as $67.23 and last traded at $66.66. 824,107 shares changed hands during mid-day trading, an increase of 27% from the average session volume of 650,453 shares. The stock had previously closed at $71.45.

Specifically, VP Michael F. Huang sold 14,583 shares of the business’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $69.51, for a total value of $1,013,664.33. Following the completion of the sale, the vice president now owns 36,817 shares of the company’s stock, valued at approximately $2,559,149.67. The trade was a 28.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James H. Mackaness sold 90,622 shares of Soleno Therapeutics stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $69.44, for a total value of $6,292,791.68. Following the completion of the sale, the chief financial officer now owns 105,176 shares in the company, valued at approximately $7,303,421.44. The trade was a 46.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, Director Matthew Pauls sold 5,937 shares of the firm’s stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $71.55, for a total value of $424,792.35. Following the transaction, the director now owns 6,500 shares in the company, valued at $465,075. This trade represents a 47.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Stifel Nicolaus increased their price objective on shares of Soleno Therapeutics from $74.00 to $108.00 and gave the company a “buy” rating in a report on Friday, March 28th. Laidlaw lifted their price objective on Soleno Therapeutics from $75.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, March 27th. Robert W. Baird boosted their price objective on Soleno Therapeutics from $72.00 to $102.00 and gave the stock an “outperform” rating in a research note on Thursday, March 27th. Guggenheim reaffirmed a “buy” rating and issued a $81.00 target price (up from $70.00) on shares of Soleno Therapeutics in a research note on Friday. Finally, Cantor Fitzgerald lifted their price target on Soleno Therapeutics from $67.00 to $123.00 and gave the stock an “overweight” rating in a report on Thursday, March 27th. Seven investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $98.86.

Soleno Therapeutics Trading Down 4.5 %

The firm’s fifty day moving average price is $49.82 and its 200-day moving average price is $50.34. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of -20.56 and a beta of -1.70.

Soleno Therapeutics (NASDAQ:SLNO) last announced its earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.41). On average, sell-side analysts expect that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. AlphaQuest LLC grew its position in Soleno Therapeutics by 1,154.4% in the 4th quarter. AlphaQuest LLC now owns 715 shares of the company’s stock valued at $32,000 after buying an additional 658 shares during the last quarter. US Bancorp DE acquired a new stake in shares of Soleno Therapeutics in the 4th quarter worth $34,000. Avanza Fonder AB purchased a new stake in shares of Soleno Therapeutics in the fourth quarter valued at about $76,000. Springhill Fund Asset Management HK Co Ltd purchased a new stake in shares of Soleno Therapeutics in the fourth quarter valued at about $81,000. Finally, Avior Wealth Management LLC acquired a new position in shares of Soleno Therapeutics during the fourth quarter worth about $89,000. Institutional investors and hedge funds 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.