Soleno Therapeutics (NASDAQ:SLNO) Earns “Buy” Rating from HC Wainwright

Soleno Therapeutics (NASDAQ:SLNO)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a report issued on Monday,Benzinga reports. They currently have a $70.00 price objective on the stock. HC Wainwright’s price target suggests a potential upside of 36.83% from the stock’s previous close.

Several other research firms also recently commented on SLNO. Cantor Fitzgerald reiterated an “overweight” rating and issued a $67.00 price objective on shares of Soleno Therapeutics in a report on Friday, September 20th. Robert W. Baird reiterated an “outperform” rating and issued a $72.00 price objective on shares of Soleno Therapeutics in a research report on Monday. Stifel Nicolaus raised their target price on shares of Soleno Therapeutics from $59.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Finally, Oppenheimer upped their price target on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Soleno Therapeutics has an average rating of “Buy” and a consensus target price of $74.83.

Soleno Therapeutics Price Performance

Shares of SLNO opened at $51.16 on Monday. Soleno Therapeutics has a 1 year low of $27.27 and a 1 year high of $60.92. The stock has a 50 day simple moving average of $53.63 and a two-hundred day simple moving average of $48.73. The firm has a market cap of $2.21 billion, a P/E ratio of -15.41 and a beta of -1.47.

Soleno Therapeutics (NASDAQ:SLNO) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($1.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). On average, equities analysts anticipate that Soleno Therapeutics will post -3.76 earnings per share for the current year.

Insider Activity at Soleno Therapeutics

In other news, insider Kristen Yen sold 3,108 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total value of $153,628.44. Following the completion of the sale, the insider now directly owns 81,465 shares of the company’s stock, valued at approximately $4,026,814.95. This trade represents a 3.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Bhatnagar Anish sold 21,633 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $1,069,319.19. Following the transaction, the chief executive officer now owns 719,553 shares in the company, valued at $35,567,504.79. This represents a 2.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,818 shares of company stock worth $1,622,194 over the last quarter. Corporate insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SLNO. Assenagon Asset Management S.A. bought a new position in Soleno Therapeutics in the second quarter worth $29,778,000. Janus Henderson Group PLC grew its position in shares of Soleno Therapeutics by 21.5% in the 3rd quarter. Janus Henderson Group PLC now owns 4,081,099 shares of the company’s stock worth $206,016,000 after buying an additional 722,226 shares during the period. Nantahala Capital Management LLC increased its stake in shares of Soleno Therapeutics by 27.9% in the 2nd quarter. Nantahala Capital Management LLC now owns 3,082,107 shares of the company’s stock worth $125,750,000 after acquiring an additional 671,728 shares in the last quarter. FMR LLC lifted its position in Soleno Therapeutics by 6,048,754.5% during the 3rd quarter. FMR LLC now owns 665,374 shares of the company’s stock valued at $33,595,000 after acquiring an additional 665,363 shares during the period. Finally, Westfield Capital Management Co. LP bought a new stake in Soleno Therapeutics during the third quarter worth about $25,028,000. 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.