Soleno Therapeutics (NASDAQ:SLNO) Shares Up 3.9% on Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s share price was up 3.9% during trading on Friday after Stifel Nicolaus raised their price target on the stock from $74.00 to $108.00. Stifel Nicolaus currently has a buy rating on the stock. Soleno Therapeutics traded as high as $70.86 and last traded at $70.04. Approximately 713,005 shares were traded during trading, an increase of 17% from the average daily volume of 609,716 shares. The stock had previously closed at $67.39.

A number of other analysts have also commented on the company. Laidlaw boosted their price target on Soleno Therapeutics from $75.00 to $105.00 and gave the company a “buy” rating in a report on Thursday. Cantor Fitzgerald upped their target price on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the company an “overweight” rating in a report on Thursday. HC Wainwright reissued a “buy” rating and set a $70.00 price target on shares of Soleno Therapeutics in a research report on Monday, March 3rd. Robert W. Baird upped their price objective on Soleno Therapeutics from $72.00 to $102.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Guggenheim reiterated a “buy” rating and set a $81.00 target price (up from $70.00) on shares of Soleno Therapeutics in a research note on Friday. Seven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $94.57.

Insider Buying and Selling at Soleno Therapeutics

In other news, CEO Bhatnagar Anish sold 10,937 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total transaction of $496,649.17. Following the transaction, the chief executive officer now directly owns 708,616 shares of the company’s stock, valued at approximately $32,178,252.56. This trade represents a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kristen Yen sold 2,340 shares of Soleno Therapeutics stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $46.18, for a total transaction of $108,061.20. Following the completion of the sale, the insider now owns 76,605 shares of the company’s stock, valued at approximately $3,537,618.90. The trade was a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,360 shares of company stock valued at $790,119 in the last ninety days. 12.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Soleno Therapeutics

A number of institutional investors have recently modified their holdings of SLNO. FMR LLC increased its position in shares of Soleno Therapeutics by 6,048,754.5% in the third quarter. FMR LLC now owns 665,374 shares of the company’s stock worth $33,595,000 after purchasing an additional 665,363 shares during the period. Barclays PLC grew its stake in Soleno Therapeutics by 149.3% during the third quarter. Barclays PLC now owns 52,545 shares of the company’s stock worth $2,652,000 after buying an additional 31,467 shares in the last quarter. Emerald Advisers LLC increased its holdings in Soleno Therapeutics by 85.4% in the 4th quarter. Emerald Advisers LLC now owns 580,919 shares of the company’s stock valued at $26,112,000 after buying an additional 267,585 shares during the period. State Street Corp raised its position in shares of Soleno Therapeutics by 14.2% in the 3rd quarter. State Street Corp now owns 1,142,169 shares of the company’s stock valued at $57,668,000 after buying an additional 142,033 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Soleno Therapeutics by 13.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 217,550 shares of the company’s stock valued at $9,779,000 after buying an additional 24,953 shares in the last quarter. 97.42% of the stock is currently owned by institutional investors.

Soleno Therapeutics Stock Performance

The company has a market cap of $3.30 billion, a P/E ratio of -21.68 and a beta of -1.70. The stock’s fifty day moving average price is $48.94 and its two-hundred day moving average price is $50.06.

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

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.