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

Shares of 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 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.

SLNO has been the topic of several other research reports. Stifel Nicolaus lifted 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. Laidlaw boosted their price objective on Soleno Therapeutics from $75.00 to $105.00 and gave the company a “buy” rating in a research report 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 report on Thursday. Lifesci Capital raised Soleno Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 4th. Finally, Cantor Fitzgerald raised their target price on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the company an “overweight” rating in a report on Thursday. Seven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $98.86.

Insider Activity at Soleno Therapeutics

In related news, CFO James H. Mackaness sold 4,083 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 $185,409.03. Following the transaction, the chief financial officer now owns 115,089 shares of the company’s stock, valued at $5,226,191.49. This trade represents a 3.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Bhatnagar Anish sold 10,937 shares of Soleno Therapeutics stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total transaction of $496,649.17. Following the sale, the chief executive officer now owns 708,616 shares of the company’s stock, valued at $32,178,252.56. The trade was a 1.52 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,360 shares of company stock worth $790,119. Insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

Institutional investors have recently modified their holdings of the company. Intech Investment Management LLC acquired a new stake in Soleno Therapeutics in the third quarter valued at approximately $262,000. Charles Schwab Investment Management Inc. raised its stake in Soleno Therapeutics by 208.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 192,597 shares of the company’s stock worth $9,724,000 after acquiring an additional 130,080 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Soleno Therapeutics by 6.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 52,634 shares of the company’s stock valued at $2,657,000 after purchasing an additional 3,226 shares during the last quarter. FMR LLC increased its holdings in shares of Soleno Therapeutics by 6,048,754.5% in the third quarter. FMR LLC now owns 665,374 shares of the company’s stock valued at $33,595,000 after purchasing an additional 665,363 shares during the period. Finally, MetLife Investment Management LLC raised its stake in shares of Soleno Therapeutics by 129.1% in the third quarter. MetLife Investment Management LLC now owns 12,772 shares of the company’s stock worth $645,000 after purchasing an additional 7,196 shares during the last quarter. 97.42% of the stock is currently owned by institutional investors.

Soleno Therapeutics Price Performance

The stock has a fifty day moving average of $48.94 and a 200 day moving average of $50.08. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of -22.12 and a beta of -1.70.

Soleno Therapeutics (NASDAQ:SLNO) last issued its 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 analysts expect that Soleno Therapeutics, Inc. will post -3.72 earnings per share 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.