Soleno Therapeutics (NASDAQ:SLNO) Sees Unusually-High Trading Volume – Still a Buy?

Soleno Therapeutics, Inc. (NASDAQ:SLNO) saw strong trading volume on Tuesday . 1,012,442 shares were traded during trading, an increase of 94% from the previous session’s volume of 522,832 shares.The stock last traded at $50.10 and had previously closed at $50.14.

Analysts Set New Price Targets

Several brokerages have recently commented on SLNO. Robert W. Baird reiterated an “outperform” rating and issued a $72.00 target price on shares of Soleno Therapeutics in a report on Monday, December 2nd. Stifel Nicolaus initiated coverage on shares of Soleno Therapeutics in a research note on Wednesday, March 5th. They issued a “buy” rating and a $74.00 price objective for the company. Lifesci Capital upgraded Soleno Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 4th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $70.00 target price on shares of Soleno Therapeutics in a report on Monday, March 3rd. Five investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $71.20.

Soleno Therapeutics Price Performance

The company has a 50 day simple moving average of $47.86 and a 200-day simple moving average of $49.77. The stock has a market capitalization of $2.30 billion, a P/E ratio of -15.08 and a beta of -1.70.

Soleno Therapeutics (NASDAQ:SLNO) last issued its earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.41). As a group, equities analysts forecast that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Transactions at Soleno Therapeutics

In related news, insider Kristen Yen sold 2,340 shares of Soleno Therapeutics stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $46.18, for a total transaction of $108,061.20. Following the completion of the sale, the insider now owns 76,605 shares of the company’s stock, valued at approximately $3,537,618.90. This trade represents a 2.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Bhatnagar Anish sold 10,937 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total value of $496,649.17. Following the completion of the transaction, the chief executive officer now owns 708,616 shares in the company, valued at $32,178,252.56. This represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,360 shares of company stock valued at $790,119. 12.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Soleno Therapeutics

A number of large investors have recently modified their holdings of SLNO. Corebridge Financial Inc. boosted its holdings in shares of Soleno Therapeutics by 2.9% in the 4th quarter. Corebridge Financial Inc. now owns 12,720 shares of the company’s stock worth $572,000 after purchasing an additional 357 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in Soleno Therapeutics by 24.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,677 shares of the company’s stock worth $120,000 after buying an additional 522 shares in the last quarter. AlphaQuest LLC grew its position in Soleno Therapeutics by 1,154.4% during the fourth quarter. AlphaQuest LLC now owns 715 shares of the company’s stock valued at $32,000 after acquiring an additional 658 shares during the last quarter. US Bancorp DE purchased a new position in shares of Soleno Therapeutics during the fourth quarter worth approximately $34,000. Finally, Alliancebernstein L.P. lifted its holdings in shares of Soleno Therapeutics by 3.5% in the 4th quarter. Alliancebernstein L.P. now owns 23,810 shares of the company’s stock worth $1,070,000 after acquiring an additional 800 shares during the last quarter. Institutional investors own 97.42% of the company’s stock.

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.