HC Wainwright Initiates Coverage on Soleno Therapeutics (NASDAQ:SLNO)

Equities researchers at HC Wainwright initiated coverage on shares of Soleno Therapeutics (NASDAQ:SLNO) in a report released on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $70.00 price target on the stock. HC Wainwright’s target price points to a potential upside of 40.56% from the stock’s previous close.

A number of other research firms also recently commented on SLNO. Baird R W upgraded Soleno Therapeutics to a “strong-buy” rating in a research report on Friday, May 10th. Oppenheimer upped their price target on shares of Soleno Therapeutics from $59.00 to $65.00 and gave the company an “outperform” rating in a research note on Monday, August 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $67.00 price objective on shares of Soleno Therapeutics in a research note on Wednesday, July 31st. Finally, Robert W. Baird initiated coverage on shares of Soleno Therapeutics in a report on Friday, May 10th. They issued an “outperform” rating and a $72.00 price target for the company. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $67.14.

Soleno Therapeutics Stock Performance

Shares of SLNO stock opened at $49.80 on Tuesday. The stock has a fifty day simple moving average of $46.47 and a two-hundred day simple moving average of $44.54. Soleno Therapeutics has a 52-week low of $3.69 and a 52-week high of $53.82. The firm has a market capitalization of $1.66 billion, a PE ratio of -18.13 and a beta of -1.39.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.06. On average, sell-side analysts forecast that Soleno Therapeutics will post -2.27 EPS for the current fiscal year.

Insider Transactions at Soleno Therapeutics

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 56,613 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $47.58, for a total value of $2,693,646.54. Following the completion of the sale, the chief executive officer now directly owns 799,577 shares of the company’s stock, valued at approximately $38,043,873.66. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Soleno Therapeutics news, insider Kristen Yen sold 2,170 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $41.54, for a total transaction of $90,141.80. Following the transaction, the insider now owns 21,252 shares of the company’s stock, valued at approximately $882,808.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Bhatnagar Anish sold 56,613 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $47.58, for a total transaction of $2,693,646.54. Following the transaction, the chief executive officer now owns 799,577 shares in the company, valued at $38,043,873.66. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 767,239 shares of company stock worth $36,744,548. 12.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Soleno Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank purchased a new stake in Soleno Therapeutics during the fourth quarter valued at approximately $918,000. Vivo Capital LLC raised its position in shares of Soleno Therapeutics by 162.8% in the 4th quarter. Vivo Capital LLC now owns 8,418,093 shares of the company’s stock valued at $338,828,000 after purchasing an additional 5,215,000 shares during the last quarter. Rafferty Asset Management LLC acquired a new stake in Soleno Therapeutics in the 4th quarter worth approximately $2,088,000. Vestal Point Capital LP acquired a new position in Soleno Therapeutics during the 4th quarter valued at approximately $52,325,000. Finally, Avoro Capital Advisors LLC purchased a new position in shares of Soleno Therapeutics in the fourth quarter worth $31,596,000. Hedge funds and other institutional investors own 97.42% of the company’s stock.

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.