Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Down – Time to Sell?

Soleno Therapeutics, Inc. (NASDAQ:SLNO) gapped down before the market opened on Friday . The stock had previously closed at $77.36, but opened at $66.30. Soleno Therapeutics shares last traded at $69.67, with a volume of 2,313,848 shares changing hands.

Analysts Set New Price Targets

SLNO has been the topic of several research reports. Piper Sandler upped their price objective on shares of Soleno Therapeutics from $93.00 to $145.00 and gave the company an “overweight” rating in a report on Thursday, April 24th. Cowen reiterated a “buy” rating on shares of Soleno Therapeutics in a report on Thursday, August 7th. Wall Street Zen upgraded shares of Soleno Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Guggenheim upped their target price on shares of Soleno Therapeutics from $97.00 to $106.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Finally, Robert W. Baird set a $121.00 target price on shares of Soleno Therapeutics and gave the stock an “outperform” rating in a report on Friday, July 11th. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Soleno Therapeutics currently has an average rating of “Buy” and an average price target of $113.30.

Soleno Therapeutics Stock Down 7.4%

The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.01 and a current ratio of 15.13. The stock’s fifty day moving average is $83.03 and its two-hundred day moving average is $69.31. The company has a market cap of $3.81 billion, a price-to-earnings ratio of -17.30 and a beta of -2.56.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.44. The firm had revenue of $32.66 million during the quarter, compared to the consensus estimate of $3.91 million. Sell-side analysts predict that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Transactions at Soleno Therapeutics

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 3,830 shares of the company’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $82.76, for a total value of $316,970.80. Following the completion of the sale, the insider directly owned 13,206 shares of the company’s stock, valued at approximately $1,092,928.56. This represents a 22.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 6.40% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc grew its position in Soleno Therapeutics by 9.2% in the 4th quarter. Legal & General Group Plc now owns 23,471 shares of the company’s stock worth $1,055,000 after purchasing an additional 1,983 shares in the last quarter. GAMMA Investing LLC grew its position in Soleno Therapeutics by 4,377.3% in the 1st quarter. GAMMA Investing LLC now owns 3,358 shares of the company’s stock worth $240,000 after purchasing an additional 3,283 shares in the last quarter. Oppenheimer & Co. Inc. bought a new stake in Soleno Therapeutics in the 1st quarter worth about $232,000. Mutual of America Capital Management LLC bought a new position in shares of Soleno Therapeutics during the 1st quarter valued at approximately $5,186,000. Finally, Arizona State Retirement System grew its position in shares of Soleno Therapeutics by 9.2% during the 1st quarter. Arizona State Retirement System now owns 7,380 shares of the company’s stock valued at $527,000 after acquiring an additional 620 shares during the period. 97.42% of the stock is owned by institutional investors.

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.