Soleno Therapeutics (NASDAQ:SLNO) Stock Price Down 4.2% – Here’s What Happened

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) were down 4.2% during mid-day trading on Friday . The company traded as low as $43.40 and last traded at $43.5910. Approximately 525,922 shares changed hands during trading, a decline of 69% from the average daily volume of 1,705,053 shares. The stock had previously closed at $45.50.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SLNO. The Goldman Sachs Group set a $125.00 price target on shares of Soleno Therapeutics and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Wolfe Research initiated coverage on shares of Soleno Therapeutics in a research note on Tuesday, November 18th. They issued an “outperform” rating and a $75.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Soleno Therapeutics in a research report on Wednesday, October 8th. Zacks Research raised Soleno Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Monday, January 5th. Finally, Wall Street Zen upgraded Soleno Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Soleno Therapeutics has a consensus rating of “Buy” and a consensus target price of $111.46.

Soleno Therapeutics Stock Performance

The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -23.37 and a beta of -3.12. The firm’s 50-day moving average price is $48.73 and its two-hundred day moving average price is $64.07. The company has a debt-to-equity ratio of 0.10, a quick ratio of 15.88 and a current ratio of 16.08.

Soleno Therapeutics (NASDAQ:SLNO) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.39. The business had revenue of $66.02 million for the quarter, compared to the consensus estimate of $47.46 million. Sell-side analysts predict that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Institutional Trading of Soleno Therapeutics

Large investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its holdings in shares of Soleno Therapeutics by 272.3% during the third quarter. Wellington Management Group LLP now owns 2,312,095 shares of the company’s stock valued at $156,298,000 after acquiring an additional 1,691,057 shares during the period. Braidwell LP acquired a new stake in shares of Soleno Therapeutics during the 3rd quarter worth about $86,662,000. Invesco Ltd. lifted its holdings in Soleno Therapeutics by 132.3% during the 3rd quarter. Invesco Ltd. now owns 1,500,525 shares of the company’s stock valued at $101,435,000 after purchasing an additional 854,551 shares during the last quarter. Commodore Capital LP lifted its holdings in Soleno Therapeutics by 121.3% during the 3rd quarter. Commodore Capital LP now owns 1,350,000 shares of the company’s stock valued at $91,260,000 after purchasing an additional 740,000 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in Soleno Therapeutics by 348.4% in the third quarter. Franklin Resources Inc. now owns 835,751 shares of the company’s stock valued at $56,497,000 after buying an additional 649,349 shares in the last quarter. 97.42% of the stock is currently owned by institutional investors.

About Soleno Therapeutics

Soleno Therapeutics, Inc is a clinical‐stage biopharmaceutical company focused on the development and commercialization of therapies for rare and orphan diseases. Headquartered in Redwood City, California, Soleno leverages a precision medicine approach to identify and advance small‐molecule treatments that address underlying genetic and metabolic dysfunctions. The company’s scientific strategy centers on repurposing and reformulating existing compounds to maximize therapeutic benefit in underserved patient populations.

The company’s lead candidate, diazoxide choline controlled release (DCCR), is being investigated for the treatment of Prader-Willi syndrome (PWS), a complex neurodevelopmental disorder characterized by insatiable appetite, hormonal imbalances and behavioral challenges.