Soleno Therapeutics (NASDAQ:SLNO) Stock Price Down 3.4% – Here’s Why

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price was down 3.4% on Wednesday . The company traded as low as $48.50 and last traded at $48.40. Approximately 379,566 shares were traded during trading, a decline of 28% from the average daily volume of 525,409 shares. The stock had previously closed at $50.11.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SLNO shares. HC Wainwright reissued a “buy” rating and set a $70.00 target price on shares of Soleno Therapeutics in a research report on Monday, March 3rd. Robert W. Baird restated an “outperform” rating and set a $72.00 price target on shares of Soleno Therapeutics in a report on Monday, December 2nd. Stifel Nicolaus initiated coverage on Soleno Therapeutics in a report on Wednesday, March 5th. They set a “buy” rating and a $74.00 price target on the stock. Finally, Lifesci Capital upgraded Soleno Therapeutics to a “strong-buy” rating in a report on Tuesday, February 4th. Five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Soleno Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $71.20.

Soleno Therapeutics Trading Up 1.5 %

The firm has a fifty day moving average of $47.59 and a two-hundred day moving average of $49.75. The company has a market cap of $2.25 billion, a PE ratio of -14.79 and a beta of -1.70.

Soleno Therapeutics (NASDAQ:SLNO) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.41). Sell-side analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Insider Buying and Selling at Soleno Therapeutics

In other Soleno Therapeutics news, CFO James H. Mackaness sold 4,083 shares of Soleno Therapeutics stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total value of $185,409.03. Following the transaction, the chief financial officer now directly owns 115,089 shares of the company’s stock, valued at $5,226,191.49. The trade was a 3.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kristen Yen sold 2,340 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $46.18, for a total value of $108,061.20. Following the transaction, the insider now directly owns 76,605 shares in the company, valued at $3,537,618.90. This trade represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,360 shares of company stock valued at $790,119 in the last quarter. 12.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Soleno Therapeutics

Several hedge funds have recently made changes to their positions in SLNO. California State Teachers Retirement System grew its stake in Soleno Therapeutics by 23.6% in the fourth quarter. California State Teachers Retirement System now owns 21,977 shares of the company’s stock worth $988,000 after purchasing an additional 4,201 shares during the period. Polar Asset Management Partners Inc. lifted its holdings in shares of Soleno Therapeutics by 296.8% during the fourth quarter. Polar Asset Management Partners Inc. now owns 125,400 shares of the company’s stock valued at $5,637,000 after purchasing an additional 93,800 shares in the last quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. bought a new position in shares of Soleno Therapeutics during the fourth quarter valued at $13,451,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Soleno Therapeutics by 24.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 27,504 shares of the company’s stock valued at $1,236,000 after purchasing an additional 5,462 shares in the last quarter. Finally, Union Square Park Capital Management LLC bought a new position in Soleno Therapeutics in the fourth quarter valued at about $2,248,000. 97.42% of the stock is owned by hedge funds and other institutional investors.

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.