Investors Buy Large Volume of Soleno Therapeutics Put Options (NASDAQ:SLNO)

Soleno Therapeutics, Inc. (NASDAQ:SLNO) was the target of unusually large options trading on Monday. Investors bought 11,493 put options on the company. This is an increase of 451% compared to the average daily volume of 2,084 put options.

Soleno Therapeutics Trading Up 1.1 %

SLNO stock opened at $45.30 on Tuesday. The stock has a market cap of $1.95 billion, a PE ratio of -13.64 and a beta of -1.47. The stock has a 50-day moving average price of $51.88 and a two-hundred day moving average price of $49.15. Soleno Therapeutics has a 1 year low of $35.70 and a 1 year high of $60.92.

Soleno Therapeutics (NASDAQ:SLNO) last announced its earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). On average, analysts forecast that Soleno Therapeutics will post -3.7 earnings per share for the current fiscal year.

Institutional Trading of Soleno Therapeutics

A number of institutional investors have recently made changes to their positions in SLNO. Janus Henderson Group PLC increased its stake in Soleno Therapeutics by 21.5% in the 3rd quarter. Janus Henderson Group PLC now owns 4,081,099 shares of the company’s stock valued at $206,016,000 after buying an additional 722,226 shares during the last quarter. Perceptive Advisors LLC grew its holdings in shares of Soleno Therapeutics by 4.2% in the 2nd quarter. Perceptive Advisors LLC now owns 3,204,976 shares of the company’s stock valued at $130,763,000 after acquiring an additional 130,434 shares in the last quarter. Nantahala Capital Management LLC raised its holdings in Soleno Therapeutics by 27.9% during the second quarter. Nantahala Capital Management LLC now owns 3,082,107 shares of the company’s stock worth $125,750,000 after acquiring an additional 671,728 shares in the last quarter. Avoro Capital Advisors LLC raised its holdings in Soleno Therapeutics by 28.7% during the second quarter. Avoro Capital Advisors LLC now owns 2,091,666 shares of the company’s stock worth $85,340,000 after acquiring an additional 466,666 shares in the last quarter. Finally, State Street Corp boosted its position in Soleno Therapeutics by 14.2% during the third quarter. State Street Corp now owns 1,142,169 shares of the company’s stock valued at $57,668,000 after purchasing an additional 142,033 shares during the last quarter. Institutional investors own 97.42% of the company’s stock.

Analysts Set New Price Targets

SLNO has been the topic of a number of analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $67.00 price target on shares of Soleno Therapeutics in a research report on Friday, September 20th. Oppenheimer lifted their price target on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th. Robert W. Baird reissued an “outperform” rating and issued a $72.00 price target on shares of Soleno Therapeutics in a report on Monday, December 2nd. HC Wainwright reaffirmed a “buy” rating and set a $70.00 price objective on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Finally, Stifel Nicolaus restated a “buy” rating and issued a $74.00 price target on shares of Soleno Therapeutics in a report on Monday, December 2nd. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Soleno Therapeutics has an average rating of “Buy” and an average price target of $74.83.

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.