Soleno Therapeutics (NASDAQ:SLNO) Sets New 12-Month High Following Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares reached a new 52-week high on Monday after Oppenheimer raised their price target on the stock from $65.00 to $73.00. Oppenheimer currently has an outperform rating on the stock. Soleno Therapeutics traded as high as $57.28 and last traded at $56.72, with a volume of 233130 shares trading hands. The stock had previously closed at $54.92.

Other analysts also recently issued reports about the stock. Stifel Nicolaus increased their price target on shares of Soleno Therapeutics from $59.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $67.00 target price on shares of Soleno Therapeutics in a research note on Friday, September 20th. Finally, HC Wainwright began coverage on Soleno Therapeutics in a research note on Tuesday, September 3rd. They set a “buy” rating and a $70.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $69.86.

Insider Activity

In other news, CEO Bhatnagar Anish sold 58,213 shares of Soleno Therapeutics stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $45.77, for a total transaction of $2,664,409.01. Following the sale, the chief executive officer now directly owns 925,321 shares in the company, valued at approximately $42,351,942.17. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Bhatnagar Anish sold 58,213 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $45.77, for a total value of $2,664,409.01. Following the completion of the transaction, the chief executive officer now directly owns 925,321 shares of the company’s stock, valued at approximately $42,351,942.17. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $48.73, for a total value of $24,365,000.00. Following the completion of the sale, the insider now directly owns 6,816,851 shares in the company, valued at approximately $332,185,149.23. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 771,441 shares of company stock worth $37,178,033. 12.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Soleno Therapeutics

Several large investors have recently made changes to their positions in the company. Amalgamated Bank bought a new position in Soleno Therapeutics during the 2nd quarter valued at about $31,000. Victory Capital Management Inc. raised its stake in shares of Soleno Therapeutics by 26.3% in 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. Sei Investments Co. boosted its holdings in shares of Soleno Therapeutics by 22.0% in the 1st quarter. Sei Investments Co. now owns 12,577 shares of the company’s stock worth $538,000 after acquiring an additional 2,264 shares in the last quarter. SG Americas Securities LLC bought a new stake in Soleno Therapeutics during the 2nd quarter worth approximately $569,000. Finally, California State Teachers Retirement System increased its holdings in Soleno Therapeutics by 33.8% during the 1st quarter. California State Teachers Retirement System now owns 13,780 shares of the company’s stock valued at $590,000 after purchasing an additional 3,481 shares in the last quarter. Institutional investors own 97.42% of the company’s stock.

Soleno Therapeutics Trading Up 1.8 %

The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of -21.00 and a beta of -1.45. The stock has a fifty day moving average of $50.74 and a two-hundred day moving average of $46.53.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly 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 analysts expect that Soleno Therapeutics, Inc. will post -2.28 earnings per share 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.