Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Up to $46.13

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $46.13, but opened at $47.50. Soleno Therapeutics shares last traded at $48.49, with a volume of 120,013 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SLNO. Robert W. Baird began coverage on Soleno Therapeutics in a research report on Friday, May 10th. They issued an “outperform” rating and a $72.00 price objective for the company. Oppenheimer increased their price objective on Soleno Therapeutics from $59.00 to $65.00 and gave the stock an “outperform” rating in a research report on Monday, August 12th. Baird R W upgraded Soleno Therapeutics to a “strong-buy” rating in a research report on Friday, May 10th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $67.00 price objective on shares of Soleno Therapeutics in a research report on Wednesday, July 31st. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $66.67.

Soleno Therapeutics Stock Down 4.1 %

The stock has a market capitalization of $1.57 billion, a PE ratio of -17.54 and a beta of -1.39. The stock has a fifty day moving average of $45.86 and a 200-day moving average of $44.53.

Soleno Therapeutics (NASDAQ:SLNO) last released its earnings results on Wednesday, August 7th. The company reported ($0.57) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.06. Equities research analysts expect that Soleno Therapeutics, Inc. will post -2.36 EPS for the current year.

Insider Buying and Selling at Soleno Therapeutics

In other Soleno Therapeutics news, insider Kristen Yen sold 2,170 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $41.54, for a total value of $90,141.80. Following the sale, the insider now directly owns 21,252 shares in the company, valued at $882,808.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Soleno Therapeutics news, insider Kristen Yen sold 2,170 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $41.54, for a total value of $90,141.80. Following the sale, the insider now directly owns 21,252 shares in the company, valued at $882,808.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO James H. Mackaness sold 7,190 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $41.54, for a total value of $298,672.60. Following the completion of the sale, the chief financial officer now owns 55,763 shares in the company, valued at $2,316,395.02. The disclosure for this sale can be found here. Insiders have sold a total of 98,695 shares of company stock worth $4,396,224 over the last ninety days. Corporate insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in SLNO. Swiss National Bank acquired a new stake in shares of Soleno Therapeutics during the fourth quarter worth about $918,000. Vivo Capital LLC increased its position in shares of Soleno Therapeutics by 162.8% during the fourth quarter. Vivo Capital LLC now owns 8,418,093 shares of the company’s stock worth $338,828,000 after purchasing an additional 5,215,000 shares in the last quarter. Rafferty Asset Management LLC acquired a new stake in shares of Soleno Therapeutics during the fourth quarter worth about $2,088,000. Vestal Point Capital LP acquired a new stake in shares of Soleno Therapeutics during the fourth quarter worth about $52,325,000. Finally, Avoro Capital Advisors LLC acquired a new stake in shares of Soleno Therapeutics during the fourth quarter worth about $31,596,000. 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.