Soleno Therapeutics (NASDAQ:SLNO) Sets New 1-Year High at $54.32

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $54.32 and last traded at $54.32, with a volume of 129344 shares trading hands. The stock had previously closed at $52.79.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $67.00 target price on shares of Soleno Therapeutics in a research note on Wednesday, July 31st. Oppenheimer upped their price objective on Soleno Therapeutics from $59.00 to $65.00 and gave the company an “outperform” rating in a research report on Monday, August 12th. Finally, HC Wainwright began coverage on Soleno Therapeutics in a report on Tuesday, September 3rd. They issued a “buy” rating and a $70.00 target price for the company. Seven equities research 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 a consensus rating of “Buy” and an average target price of $67.14.

Soleno Therapeutics Stock Down 1.5 %

The company has a market cap of $1.76 billion, a P/E ratio of -19.68 and a beta of -1.46. The business has a fifty day simple moving average of $48.46 and a two-hundred day simple moving average of $44.66.

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

Insiders Place Their Bets

In other news, major shareholder Vivo Opportunity, Llc sold 100,000 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $47.22, for a total transaction of $4,722,000.00. Following the completion of the sale, the insider now owns 6,291,851 shares of the company’s stock, valued at approximately $297,101,204.22. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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. Also, major shareholder Vivo Opportunity, Llc sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $47.22, for a total transaction of $4,722,000.00. Following the completion of the transaction, the insider now owns 6,291,851 shares of the company’s stock, valued at $297,101,204.22. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 767,239 shares of company stock worth $36,744,548. Company insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of SLNO. Nantahala Capital Management LLC boosted its holdings in Soleno Therapeutics by 27.9% in the 2nd quarter. Nantahala Capital Management LLC now owns 3,082,107 shares of the company’s stock worth $125,750,000 after buying an additional 671,728 shares during the period. Perceptive Advisors LLC boosted its stake in shares of Soleno Therapeutics by 4.2% in the second quarter. Perceptive Advisors LLC now owns 3,204,976 shares of the company’s stock worth $130,763,000 after acquiring an additional 130,434 shares during the period. Driehaus Capital Management LLC bought a new stake in Soleno Therapeutics during the 2nd quarter valued at approximately $5,920,000. The Manufacturers Life Insurance Company lifted its holdings 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 purchasing an additional 27,020 shares in the last quarter. Finally, Samlyn Capital LLC raised its position in shares of Soleno Therapeutics by 128.9% during the second quarter. Samlyn Capital LLC now owns 501,049 shares of the company’s stock valued at $20,443,000 after buying an additional 282,122 shares during the last quarter. 97.42% of the stock is currently owned by 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.