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.

Analyst Upgrades and Downgrades

SLNO has been the topic of a number of research reports. TD Cowen initiated coverage on shares of Soleno Therapeutics in a research note on Monday, June 23rd. They set a “buy” rating and a $110.00 target price on the stock. Robert W. Baird set a $121.00 target price on shares of Soleno Therapeutics and gave the stock an “outperform” rating in a research note on Friday, July 11th. Oppenheimer boosted their target price on shares of Soleno Therapeutics from $105.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Cowen reaffirmed a “buy” rating on shares of Soleno Therapeutics in a research note on Thursday, August 7th. Finally, Wall Street Zen raised shares of Soleno Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Soleno Therapeutics currently has a consensus rating of “Buy” and an average target price of $113.30.

Soleno Therapeutics Trading Down 7.4%

The firm has a market cap of $3.81 billion, a price-to-earnings ratio of -17.30 and a beta of -2.56. The company has a debt-to-equity ratio of 0.21, a current ratio of 15.13 and a quick ratio of 15.01. The firm’s fifty day moving average is $83.03 and its 200-day moving average is $69.31.

Soleno Therapeutics (NASDAQ:SLNO) last released its earnings results on Wednesday, August 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.44. The firm had revenue of $32.66 million during the quarter, compared to analyst estimates of $3.91 million. Equities analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Insider Transactions at Soleno Therapeutics

In related news, insider Patricia C. Hirano sold 3,830 shares of the business’s stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $82.76, for a total value of $316,970.80. Following the transaction, the insider owned 13,206 shares in the company, valued at $1,092,928.56. The trade was a 22.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Soleno Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of SLNO. Legal & General Group Plc raised its holdings in shares of Soleno Therapeutics by 9.2% during the fourth quarter. Legal & General Group Plc now owns 23,471 shares of the company’s stock valued at $1,055,000 after purchasing an additional 1,983 shares during the period. GAMMA Investing LLC raised its holdings in shares of Soleno Therapeutics by 4,377.3% during the first quarter. GAMMA Investing LLC now owns 3,358 shares of the company’s stock valued at $240,000 after purchasing an additional 3,283 shares during the period. Oppenheimer & Co. Inc. acquired a new position in shares of Soleno Therapeutics during the first quarter valued at about $232,000. Mutual of America Capital Management LLC acquired a new position in shares of Soleno Therapeutics during the first quarter valued at about $5,186,000. Finally, Arizona State Retirement System raised its holdings in shares of Soleno Therapeutics by 9.2% during the first quarter. Arizona State Retirement System now owns 7,380 shares of the company’s stock valued at $527,000 after purchasing an additional 620 shares during the period. Institutional investors and hedge funds own 97.42% of the company’s stock.

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.