Soleno Therapeutics, Inc. (NASDAQ:SLNO) Receives Consensus Rating of “Buy” from Brokerages

Soleno Therapeutics, Inc. (NASDAQ:SLNO) has received an average recommendation of “Buy” from the nine brokerages that are currently covering the company, Marketbeat.com reports. Eight investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $106.78.

Several research firms recently issued reports on SLNO. Guggenheim boosted their target price on shares of Soleno Therapeutics from $81.00 to $97.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Robert W. Baird upped their price objective on shares of Soleno Therapeutics from $102.00 to $105.00 and gave the stock an “outperform” rating in a research report on Thursday, May 8th. Piper Sandler raised their target price on Soleno Therapeutics from $93.00 to $145.00 and gave the company an “overweight” rating in a research report on Thursday, April 24th. UBS Group set a $105.00 price target on Soleno Therapeutics in a research note on Thursday, March 27th. Finally, HC Wainwright reiterated a “buy” rating and set a $100.00 price target on shares of Soleno Therapeutics in a research report on Tuesday, April 15th.

Soleno Therapeutics Stock Performance

SLNO stock opened at $79.15 on Friday. Soleno Therapeutics has a one year low of $36.93 and a one year high of $81.54. The firm has a market cap of $3.99 billion, a price-to-earnings ratio of -23.84 and a beta of -2.69. The firm has a 50-day simple moving average of $73.64 and a two-hundred day simple moving average of $57.92.

Soleno Therapeutics (NASDAQ:SLNO) last announced its earnings results on Wednesday, May 7th. The company reported ($0.95) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.14) by $0.19. As a group, equities analysts predict that Soleno Therapeutics will post -3.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Soleno Therapeutics

In other news, CEO Bhatnagar Anish sold 699,095 shares of Soleno Therapeutics stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $67.62, for a total value of $47,272,803.90. Following the completion of the sale, the chief executive officer now owns 577,076 shares of the company’s stock, valued at $39,021,879.12. The trade was a 54.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James H. Mackaness sold 90,622 shares of the stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $69.44, for a total transaction of $6,292,791.68. Following the completion of the sale, the chief financial officer now directly owns 105,176 shares of the company’s stock, valued at $7,303,421.44. The trade was a 46.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 942,672 shares of company stock valued at $64,058,781 over the last quarter. Corporate insiders own 6.40% of the company’s stock.

Institutional Trading of Soleno Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Soleno Therapeutics by 1.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,360 shares of the company’s stock worth $1,242,000 after purchasing an additional 189 shares during the period. Moody Aldrich Partners LLC lifted its position in shares of Soleno Therapeutics by 0.7% in the 1st quarter. Moody Aldrich Partners LLC now owns 29,810 shares of the company’s stock worth $2,130,000 after buying an additional 196 shares during the last quarter. Avanza Fonder AB boosted its holdings in shares of Soleno Therapeutics by 14.8% in the 1st quarter. Avanza Fonder AB now owns 1,951 shares of the company’s stock valued at $144,000 after buying an additional 251 shares during the period. AlphaQuest LLC boosted its holdings in shares of Soleno Therapeutics by 37.5% in the 1st quarter. AlphaQuest LLC now owns 983 shares of the company’s stock valued at $70,000 after buying an additional 268 shares during the period. Finally, SG Americas Securities LLC grew its position in shares of Soleno Therapeutics by 8.6% during the 1st quarter. SG Americas Securities LLC now owns 4,397 shares of the company’s stock valued at $314,000 after buying an additional 350 shares during the last quarter. 97.42% of the stock is owned by hedge funds and other 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.