Stock Traders Buy High Volume of Put Options on Soleno Therapeutics (NASDAQ:SLNO)

Soleno Therapeutics, Inc. (NASDAQ:SLNO) was the target of unusually large options trading activity on Monday. Investors bought 11,493 put options on the stock. This is an increase of approximately 451% compared to the average daily volume of 2,084 put options.

Insider Buying and Selling

In related news, CFO James H. Mackaness sold 8,077 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 transaction of $399,246.11. Following the transaction, the chief financial officer now directly owns 119,172 shares of the company’s stock, valued at approximately $5,890,671.96. This trade represents a 6.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kristen Yen sold 3,108 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 $153,628.44. Following the completion of the sale, the insider now directly owns 81,465 shares of the company’s stock, valued at $4,026,814.95. This represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,818 shares of company stock valued at $1,622,194. Company insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

Several hedge funds have recently modified their holdings of SLNO. Amalgamated Bank acquired a new stake in Soleno Therapeutics during the 2nd quarter worth approximately $31,000. Victory Capital Management Inc. raised its stake in shares of Soleno Therapeutics by 26.3% during the second quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock valued at $438,000 after acquiring an additional 2,236 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Soleno Therapeutics during the third quarter worth $155,000. The Manufacturers Life Insurance Company grew its stake in shares of Soleno Therapeutics by 6.5% in the third quarter. The Manufacturers Life Insurance Company now owns 52,634 shares of the company’s stock worth $2,657,000 after purchasing an additional 3,226 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Soleno Therapeutics by 35.8% in the third quarter. JPMorgan Chase & Co. now owns 13,915 shares of the company’s stock valued at $703,000 after purchasing an additional 3,666 shares during the period. Institutional investors and hedge funds own 97.42% of the company’s stock.

Soleno Therapeutics Price Performance

NASDAQ:SLNO traded down $0.50 during trading hours on Monday, hitting $44.32. The company’s stock had a trading volume of 97,815 shares, compared to its average volume of 492,182. Soleno Therapeutics has a twelve month low of $35.70 and a twelve month high of $60.92. The stock has a fifty day simple moving average of $52.05 and a 200-day simple moving average of $49.14. The company has a market capitalization of $1.91 billion, a P/E ratio of -13.35 and a beta of -1.47.

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 analysts’ consensus estimates of ($0.61) by ($1.22). On average, equities analysts predict that Soleno Therapeutics will post -3.7 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SLNO has been the subject of several recent research reports. Oppenheimer boosted their price target on Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a research note on Monday, October 28th. Robert W. Baird reiterated an “outperform” rating and set a $72.00 target price on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Cantor Fitzgerald restated an “overweight” rating and issued a $67.00 price target on shares of Soleno Therapeutics in a research report on Friday, September 20th. HC Wainwright reaffirmed a “buy” rating and issued a $70.00 price target on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $74.00 price objective on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Soleno Therapeutics currently has a consensus rating of “Buy” and an average price target of $74.83.

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.