Soleno Therapeutics (NASDAQ:SLNO) Hits New 1-Year High on Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price reached a new 52-week high during mid-day trading on Thursday after Laidlaw raised their price target on the stock from $75.00 to $105.00. Laidlaw currently has a buy rating on the stock. Soleno Therapeutics traded as high as $70.20 and last traded at $67.31, with a volume of 2375198 shares. The stock had previously closed at $48.97.

SLNO has been the subject of several other reports. Stifel Nicolaus started coverage on Soleno Therapeutics in a research note on Wednesday, March 5th. They issued a “buy” rating and a $74.00 price objective for the company. Robert W. Baird upped their price target on shares of Soleno Therapeutics from $72.00 to $102.00 and gave the stock an “outperform” rating in a report on Thursday. Lifesci Capital upgraded Soleno Therapeutics to a “strong-buy” rating in a report on Tuesday, February 4th. HC Wainwright reiterated a “buy” rating and set a $70.00 target price on shares of Soleno Therapeutics in a report on Monday, March 3rd. Finally, Cantor Fitzgerald boosted their price target on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the company an “overweight” rating in a report on Thursday. Six investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $91.17.

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 transaction of $185,409.03. Following the completion of the sale, the chief financial officer now directly owns 115,089 shares in the company, valued at approximately $5,226,191.49. This trade represents a 3.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kristen Yen sold 2,340 shares of Soleno Therapeutics stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $46.18, for a total value of $108,061.20. Following the completion of the sale, the insider now owns 76,605 shares in the company, valued at $3,537,618.90. This represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,360 shares of company stock worth $790,119 in the last 90 days. Corporate insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Soleno Therapeutics

Several hedge funds have recently bought and sold shares of the company. AlphaQuest LLC grew its position in Soleno Therapeutics by 1,154.4% in the 4th quarter. AlphaQuest LLC now owns 715 shares of the company’s stock valued at $32,000 after acquiring an additional 658 shares in the last quarter. US Bancorp DE purchased a new position in shares of Soleno Therapeutics in the fourth quarter valued at approximately $34,000. Avanza Fonder AB acquired a new position in shares of Soleno Therapeutics in the fourth quarter valued at approximately $76,000. Springhill Fund Asset Management HK Co Ltd purchased a new stake in Soleno Therapeutics during the 4th quarter worth approximately $81,000. Finally, Avior Wealth Management LLC acquired a new stake in Soleno Therapeutics during the 4th quarter worth approximately $89,000. Institutional investors and hedge funds own 97.42% of the company’s stock.

Soleno Therapeutics Stock Performance

The company’s 50-day simple moving average is $48.44 and its 200 day simple moving average is $49.90. The company has a market cap of $3.09 billion, a PE ratio of -20.30 and a beta of -1.70.

Soleno Therapeutics (NASDAQ:SLNO) last released its earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.41). Analysts forecast that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

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.