Soleno Therapeutics (NASDAQ:SLNO) Sets New 52-Week High – Here’s Why

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) hit a new 52-week high during trading on Monday . The company traded as high as $60.92 and last traded at $59.36, with a volume of 25399 shares trading hands. The stock had previously closed at $57.78.

Wall Street Analyst Weigh In

SLNO has been the topic of a number of recent research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $67.00 target price on shares of Soleno Therapeutics in a research note on Friday, September 20th. HC Wainwright reissued a “buy” rating and set a $70.00 target price on shares of Soleno Therapeutics in a research note on Monday, November 11th. Stifel Nicolaus raised their price target on shares of Soleno Therapeutics from $59.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Finally, Oppenheimer lifted their price target on Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Soleno Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $74.83.

Soleno Therapeutics Stock Performance

The firm’s 50-day simple moving average is $53.18 and its two-hundred day simple moving average is $48.27.

Soleno Therapeutics (NASDAQ:SLNO) last posted 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 anticipate that Soleno Therapeutics, Inc. will post -3.76 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Kristen Yen sold 5,270 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $47.58, for a total transaction of $250,746.60. Following the completion of the sale, the insider now directly owns 90,008 shares of the company’s stock, valued at $4,282,580.64. This trade represents a 5.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Vivo Opportunity, Llc sold 100,000 shares of Soleno Therapeutics stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $47.22, for a total value of $4,722,000.00. Following the sale, the insider now owns 6,291,851 shares of the company’s stock, valued at approximately $297,101,204.22. This represents a 1.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 701,362 shares of company stock worth $33,970,517. 12.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Soleno Therapeutics

Several hedge funds have recently bought and sold shares of the business. Virtu Financial LLC bought a new stake in shares of Soleno Therapeutics during the 3rd quarter worth about $490,000. Teachers Retirement System of The State of Kentucky acquired a new stake in Soleno Therapeutics in the 3rd quarter worth approximately $656,000. Geode Capital Management LLC boosted its position in Soleno Therapeutics by 10.5% during the third quarter. Geode Capital Management LLC now owns 540,296 shares of the company’s stock worth $27,286,000 after purchasing an additional 51,189 shares during the period. Barclays PLC grew its holdings in Soleno Therapeutics by 149.3% during the third quarter. Barclays PLC now owns 52,545 shares of the company’s stock valued at $2,652,000 after purchasing an additional 31,467 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Soleno Therapeutics by 73.8% in the third quarter. Wellington Management Group LLP now owns 683,170 shares of the company’s stock valued at $34,493,000 after purchasing an additional 290,135 shares during the period. 97.42% of the stock is owned by institutional investors and hedge funds.

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.