Brokerages Set Soleno Therapeutics, Inc. (NASDAQ:SLNO) Target Price at $60.33

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) have earned a consensus recommendation of “Buy” from the seven brokerages that are covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $60.33.

A number of research firms have recently issued reports on SLNO. Oppenheimer dropped their target price on shares of Soleno Therapeutics from $65.00 to $59.00 and set an “outperform” rating for the company in a report on Monday, May 13th. Baird R W raised shares of Soleno Therapeutics to a “strong-buy” rating in a report on Friday, May 10th. Finally, Robert W. Baird assumed coverage on shares of Soleno Therapeutics in a report on Friday, May 10th. They issued an “outperform” rating and a $72.00 price objective for the company.

Soleno Therapeutics Stock Performance

NASDAQ:SLNO opened at $42.29 on Friday. The company has a fifty day moving average of $43.30 and a two-hundred day moving average of $43.30. The stock has a market capitalization of $1.41 billion, a PE ratio of -15.78 and a beta of -1.39. Soleno Therapeutics has a fifty-two week low of $3.69 and a fifty-two week high of $53.82.

Soleno Therapeutics (NASDAQ:SLNO) last released its earnings results on Thursday, May 9th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.29). Research analysts forecast that Soleno Therapeutics will post -2.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Vivo Opportunity, Llc sold 750,000 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $47.80, for a total transaction of $35,850,000.00. Following the sale, the insider now owns 7,668,093 shares of the company’s stock, valued at $366,534,845.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.30% of the stock is currently owned by insiders.

Institutional Trading of Soleno Therapeutics

Hedge funds have recently made changes to their positions in the business. Vivo Capital LLC raised its holdings in Soleno Therapeutics by 162.8% in the fourth quarter. Vivo Capital LLC now owns 8,418,093 shares of the company’s stock valued at $338,828,000 after acquiring an additional 5,215,000 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Soleno Therapeutics during the 3rd quarter worth approximately $39,160,000. Vestal Point Capital LP purchased a new stake in shares of Soleno Therapeutics during the 4th quarter worth approximately $52,325,000. RA Capital Management L.P. purchased a new stake in shares of Soleno Therapeutics during the 3rd quarter worth approximately $36,563,000. Finally, Carlyle Group Inc. lifted its position in shares of Soleno Therapeutics by 42.5% during the 1st quarter. Carlyle Group Inc. now owns 4,071,562 shares of the company’s stock worth $173,123,000 after buying an additional 1,213,758 shares during the last quarter. 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.