Soleno Therapeutics (NASDAQ:SLNO) Trading 6.4% Higher – Still a Buy?

Soleno Therapeutics, Inc. (NASDAQ:SLNO) traded up 6.4% during mid-day trading on Friday . The stock traded as high as $54.20 and last traded at $54.05. 166,542 shares were traded during mid-day trading, a decline of 63% from the average session volume of 453,134 shares. The stock had previously closed at $50.80.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Stifel Nicolaus boosted their price target on shares of Soleno Therapeutics from $59.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Oppenheimer boosted their price target on shares of Soleno Therapeutics from $59.00 to $65.00 and gave the company an “outperform” rating in a research report on Monday, August 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $67.00 target price on shares of Soleno Therapeutics in a report on Friday, September 20th. Finally, HC Wainwright initiated coverage on shares of Soleno Therapeutics in a report on Tuesday, September 3rd. They set a “buy” rating and a $70.00 target price on the stock. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Soleno Therapeutics currently has an average rating of “Buy” and an average target price of $68.71.

Soleno Therapeutics Trading Up 6.7 %

The stock’s fifty day moving average is $49.05 and its two-hundred day moving average is $45.24. The firm has a market cap of $2.11 billion, a P/E ratio of -21.89 and a beta of -1.45.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.57) EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.06. On average, analysts forecast that Soleno Therapeutics, Inc. will post -2.28 EPS for the current year.

Insider Transactions at Soleno Therapeutics

In other news, CFO James H. Mackaness sold 6,849 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $45.77, for a total value of $313,478.73. Following the transaction, the chief financial officer now owns 148,914 shares of the company’s stock, valued at $6,815,793.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 21,633 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $1,069,319.19. Following the completion of the sale, the chief executive officer now owns 719,553 shares of the company’s stock, valued at $35,567,504.79. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO James H. Mackaness sold 6,849 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $45.77, for a total transaction of $313,478.73. Following the sale, the chief financial officer now directly owns 148,914 shares of the company’s stock, valued at $6,815,793.78. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 771,441 shares of company stock valued at $37,178,033 in the last quarter. Insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of SLNO. Amalgamated Bank bought a new position in shares of Soleno Therapeutics in the 2nd quarter worth about $31,000. Victory Capital Management Inc. increased its stake in shares of Soleno Therapeutics by 26.3% in the 2nd quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock worth $438,000 after acquiring an additional 2,236 shares in the last quarter. Sei Investments Co. increased its stake in shares of Soleno Therapeutics by 22.0% in the 1st quarter. Sei Investments Co. now owns 12,577 shares of the company’s stock worth $538,000 after acquiring an additional 2,264 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of Soleno Therapeutics by 33.8% in the 1st quarter. California State Teachers Retirement System now owns 13,780 shares of the company’s stock worth $590,000 after acquiring an additional 3,481 shares in the last quarter. Finally, Swiss National Bank increased its stake in shares of Soleno Therapeutics by 32.0% in the 1st quarter. Swiss National Bank now owns 30,100 shares of the company’s stock worth $1,288,000 after acquiring an additional 7,300 shares in the last quarter. 97.42% of the stock is owned by hedge funds and other 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.