Soleno Therapeutics (NASDAQ:SLNO) Sees Unusually-High Trading Volume

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) saw unusually-strong trading volume on Friday . Approximately 254,750 shares changed hands during trading, a decline of 39% from the previous session’s volume of 418,587 shares.The stock last traded at $52.00 and had previously closed at $49.61.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SLNO shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $67.00 price objective on shares of Soleno Therapeutics in a report on Wednesday, July 31st. HC Wainwright started coverage on shares of Soleno Therapeutics in a report on Tuesday, September 3rd. They set a “buy” rating and a $70.00 price objective for the company. Finally, Oppenheimer lifted their price objective on shares of Soleno Therapeutics from $59.00 to $65.00 and gave the company an “outperform” rating in a report on Monday, August 12th. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $67.14.

Soleno Therapeutics Stock Performance

The firm has a market cap of $2.05 billion, a P/E ratio of -19.72 and a beta of -1.46. The firm’s fifty day moving average price is $47.84 and its 200 day moving average price is $44.59.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.06. As a group, analysts expect that Soleno Therapeutics, Inc. will post -2.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $48.73, for a total transaction of $24,365,000.00. Following the completion of the transaction, the insider now owns 6,816,851 shares in the company, valued at approximately $332,185,149.23. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Soleno Therapeutics news, insider Kristen Yen sold 2,170 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $41.54, for a total transaction of $90,141.80. Following the sale, 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 SEC, which can be accessed through the SEC website. Also, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $48.73, for a total transaction of $24,365,000.00. Following the sale, the insider now directly owns 6,816,851 shares in the company, valued at approximately $332,185,149.23. The disclosure for this sale can be found here. Insiders sold a total of 767,239 shares of company stock worth $36,744,548 in the last 90 days. 12.30% of the stock is owned by corporate insiders.

Institutional Trading of Soleno Therapeutics

Several large investors have recently bought and sold shares of SLNO. Swiss National Bank purchased a new stake in Soleno Therapeutics during the 4th quarter worth approximately $918,000. Rafferty Asset Management LLC purchased a new stake in Soleno Therapeutics during the 4th quarter worth approximately $2,088,000. Vestal Point Capital LP purchased a new stake in Soleno Therapeutics during the 4th quarter worth approximately $52,325,000. Avoro Capital Advisors LLC purchased a new stake in Soleno Therapeutics during the 4th quarter worth approximately $31,596,000. Finally, Wellington Management Group LLP purchased a new stake in Soleno Therapeutics during the 4th quarter worth approximately $8,557,000. Hedge funds and other institutional investors 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.