Soleno Therapeutics (NASDAQ:SLNO) Trading 4.5% Higher

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) rose 4.5% on Wednesday . The stock traded as high as $49.01 and last traded at $49.01. Approximately 141,423 shares changed hands during trading, a decline of 67% from the average daily volume of 426,603 shares. The stock had previously closed at $46.88.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SLNO shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $67.00 target price on shares of Soleno Therapeutics in a report on Friday, September 20th. HC Wainwright began coverage on Soleno Therapeutics in a research report on Tuesday, September 3rd. They set a “buy” rating and a $70.00 price target on the stock. Finally, Oppenheimer raised their target price on Soleno Therapeutics from $59.00 to $65.00 and gave the company an “outperform” rating in a research note on Monday, August 12th. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $67.14.

Soleno Therapeutics Stock Up 0.7 %

The company’s 50-day simple moving average is $48.62 and its 200 day simple moving average is $44.83. The company has a market capitalization of $1.64 billion, a P/E ratio of -18.46 and a beta of -1.46.

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

Insider Buying and Selling

In other news, CEO Bhatnagar Anish sold 56,613 shares of Soleno Therapeutics stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $47.58, for a total value of $2,693,646.54. Following the transaction, the chief executive officer now directly owns 799,577 shares in the company, valued at $38,043,873.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Soleno Therapeutics news, CFO James H. Mackaness sold 7,190 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was 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 approximately $2,316,395.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Bhatnagar Anish sold 56,613 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $47.58, for a total value of $2,693,646.54. Following the sale, the chief executive officer now owns 799,577 shares in the company, valued at $38,043,873.66. The disclosure for this sale can be found here. In the last ninety days, insiders sold 767,239 shares of company stock worth $36,744,548. 12.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Soleno Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Amalgamated Bank bought a new position in shares of Soleno Therapeutics during the second quarter valued at $31,000. Victory Capital Management Inc. grew its stake in Soleno Therapeutics by 26.3% during the second quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock worth $438,000 after buying an additional 2,236 shares during the last quarter. Cannon Global Investment Management LLC acquired a new stake in shares of Soleno Therapeutics during the first quarter worth approximately $505,000. Sei Investments Co. raised its stake in shares of Soleno Therapeutics by 22.0% in the first quarter. Sei Investments Co. now owns 12,577 shares of the company’s stock valued at $538,000 after acquiring an additional 2,264 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Soleno Therapeutics during the 2nd quarter valued at $569,000. 97.42% of the stock is owned by institutional investors.

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.