Soleno Therapeutics, Inc. (NASDAQ:SLNO) Short Interest Update

Soleno Therapeutics, Inc. (NASDAQ:SLNO) was the recipient of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 4,740,000 shares, a decrease of 23.2% from the October 31st total of 6,170,000 shares. Currently, 14.8% of the company’s shares are sold short. Based on an average daily volume of 654,000 shares, the short-interest ratio is currently 7.2 days.

Insider Buying and Selling at Soleno Therapeutics

In related news, CEO Bhatnagar Anish sold 21,633 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total value of $1,069,319.19. Following the completion of the transaction, the chief executive officer now directly owns 719,553 shares in the company, valued at approximately $35,567,504.79. The trade was a 2.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kristen Yen sold 3,108 shares of Soleno Therapeutics stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $153,628.44. Following the completion of the transaction, the insider now directly owns 81,465 shares in the company, valued at approximately $4,026,814.95. The trade was a 3.67 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,818 shares of company stock valued at $1,622,194. Corporate insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Soleno Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD bought a new stake in shares of Soleno Therapeutics in the 1st quarter valued at about $6,533,000. Sofinnova Investments Inc. lifted its position in shares of Soleno Therapeutics by 267.7% in the second quarter. Sofinnova Investments Inc. now owns 554,359 shares of the company’s stock valued at $22,618,000 after buying an additional 403,584 shares during the last quarter. TD Asset Management Inc boosted its stake in shares of Soleno Therapeutics by 174.0% during the 2nd quarter. TD Asset Management Inc now owns 57,534 shares of the company’s stock worth $2,347,000 after acquiring an additional 36,534 shares during the period. Samlyn Capital LLC increased 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 during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Soleno Therapeutics during the 2nd quarter valued at $3,623,000. 97.42% of the stock is currently owned by institutional investors and hedge funds.

Soleno Therapeutics Stock Down 5.6 %

Shares of NASDAQ:SLNO traded down $3.13 during midday trading on Friday, reaching $52.71. The company had a trading volume of 1,226,573 shares, compared to its average volume of 479,179. Soleno Therapeutics has a 1-year low of $27.27 and a 1-year high of $60.92. The stock has a market cap of $2.27 billion, a PE ratio of -15.88 and a beta of -1.44. The business’s 50 day moving average price is $53.51 and its 200 day moving average price is $48.64.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). On average, research analysts expect that Soleno Therapeutics will post -3.76 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SLNO. HC Wainwright reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Soleno Therapeutics in a research report on Monday, November 11th. Stifel Nicolaus boosted their price target on Soleno Therapeutics from $59.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Oppenheimer increased their price objective on Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $67.00 target price on shares of Soleno Therapeutics in a research note on Friday, September 20th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Soleno Therapeutics presently has an average rating of “Buy” and a consensus price target of $74.83.

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.