Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Up After Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price gapped up prior to trading on Monday after Oppenheimer raised their price target on the stock from $59.00 to $65.00. The stock had previously closed at $45.91, but opened at $47.06. Oppenheimer currently has an outperform rating on the stock. Soleno Therapeutics shares last traded at $46.23, with a volume of 25,662 shares.

A number of other research firms also recently issued reports on SLNO. Cantor Fitzgerald reissued an “overweight” rating and set a $67.00 price target on shares of Soleno Therapeutics in a research report on Wednesday, July 31st. Robert W. Baird initiated coverage on shares of Soleno Therapeutics in a report on Friday, May 10th. They set an “outperform” rating and a $72.00 price objective on the stock. Finally, Baird R W upgraded Soleno Therapeutics to a “strong-buy” rating in a report on Friday, May 10th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $66.67.

Insider Buying and Selling at Soleno Therapeutics

In related news, insider Kristen Yen sold 2,170 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $41.54, for a total transaction of $90,141.80. Following the completion of the transaction, the insider now directly owns 21,252 shares in the company, valued at $882,808.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Soleno Therapeutics news, insider Kristen Yen sold 2,170 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $41.54, for a total value of $90,141.80. Following the sale, the insider now owns 21,252 shares in the company, valued at approximately $882,808.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Bhatnagar Anish sold 19,256 shares of Soleno Therapeutics stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $41.54, for a total transaction of $799,894.24. Following the transaction, the chief executive officer now directly owns 133,534 shares of the company’s stock, valued at $5,547,002.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 98,695 shares of company stock worth $4,396,224. Company insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Soleno Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SLNO. Amalgamated Bank purchased a new position in Soleno Therapeutics in the 2nd quarter valued at $31,000. Victory Capital Management Inc. boosted its holdings in shares of Soleno Therapeutics by 26.3% during the 2nd 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 during the last quarter. Cannon Global Investment Management LLC purchased a new stake in shares of Soleno Therapeutics in the first quarter valued at approximately $505,000. Sei Investments Co. increased its holdings in shares of Soleno Therapeutics by 22.0% in the first quarter. Sei Investments Co. now owns 12,577 shares of the company’s stock valued at $538,000 after purchasing an additional 2,264 shares during the last quarter. Finally, California State Teachers Retirement System lifted its position in Soleno Therapeutics by 33.8% during the first quarter. California State Teachers Retirement System now owns 13,780 shares of the company’s stock worth $590,000 after buying an additional 3,481 shares in the last quarter. 97.42% of the stock is owned by hedge funds and other institutional investors.

Soleno Therapeutics Price Performance

The company has a market cap of $1.55 billion, a price-to-earnings ratio of -17.31 and a beta of -1.39. The stock has a 50 day simple moving average of $44.61 and a two-hundred day simple moving average of $44.36.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.57) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.06. As a group, research analysts forecast that Soleno Therapeutics, Inc. will post -2.36 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.