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

Soleno Therapeutics, Inc. (NASDAQ:SLNO) has received an average rating of “Buy” from the seven analysts that are covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $66.67.

SLNO has been the subject of a number of research reports. Robert W. Baird assumed coverage on shares of Soleno Therapeutics in a research note on Friday, May 10th. They set an “outperform” rating and a $72.00 target price for the company. Baird R W raised Soleno Therapeutics to a “strong-buy” rating in a report on Friday, May 10th. Cantor Fitzgerald reissued an “overweight” rating and issued a $67.00 target price on shares of Soleno Therapeutics in a report on Wednesday, July 31st. Finally, Oppenheimer boosted their price target on Soleno Therapeutics from $59.00 to $65.00 and gave the company an “outperform” rating in a research note on Monday, August 12th.

Soleno Therapeutics Stock Down 6.9 %

NASDAQ:SLNO opened at $45.25 on Friday. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of -16.88 and a beta of -1.39. The company’s 50 day moving average price is $45.54 and its 200-day moving average price is $44.54. Soleno Therapeutics has a 52 week low of $3.69 and a 52 week high of $53.82.

Soleno Therapeutics (NASDAQ:SLNO) last issued its earnings results on Wednesday, August 7th. The company reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.06. As a group, sell-side analysts anticipate that Soleno Therapeutics will post -2.36 earnings per share for the current year.

Insider Activity at Soleno Therapeutics

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 19,256 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $41.54, for a total transaction of $799,894.24. Following the sale, the chief executive officer now owns 133,534 shares in the company, valued at approximately $5,547,002.36. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Soleno Therapeutics news, insider Kristen Yen sold 2,170 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $41.54, for a total transaction of $90,141.80. Following the completion of the sale, the insider now directly owns 21,252 shares of the company’s stock, valued at approximately $882,808.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Bhatnagar Anish sold 19,256 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $41.54, for a total transaction of $799,894.24. Following the transaction, the chief executive officer now directly owns 133,534 shares of the company’s stock, valued at $5,547,002.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 98,695 shares of company stock worth $4,396,224. 12.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nantahala Capital Management LLC increased its holdings in shares of Soleno Therapeutics by 27.9% in the second quarter. Nantahala Capital Management LLC now owns 3,082,107 shares of the company’s stock worth $125,750,000 after purchasing an additional 671,728 shares during the last quarter. Perceptive Advisors LLC boosted its stake in Soleno Therapeutics by 4.2% during the second quarter. Perceptive Advisors LLC now owns 3,204,976 shares of the company’s stock valued at $130,763,000 after buying an additional 130,434 shares during the last quarter. Driehaus Capital Management LLC purchased a new position in Soleno Therapeutics during the 2nd quarter valued at approximately $5,920,000. The Manufacturers Life Insurance Company increased its stake in Soleno Therapeutics by 120.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,408 shares of the company’s stock worth $2,016,000 after acquiring an additional 27,020 shares during the last quarter. Finally, Samlyn Capital LLC raised its holdings in shares of Soleno Therapeutics by 128.9% during the 2nd quarter. Samlyn Capital LLC now owns 501,049 shares of the company’s stock worth $20,443,000 after acquiring an additional 282,122 shares in the last quarter. Institutional investors 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.