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

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) have earned an average rating of “Buy” from the eight brokerages that are covering the stock, MarketBeat.com reports. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $69.86.

A number of research analysts have recently commented on SLNO shares. Stifel Nicolaus increased their price objective 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 company an “outperform” rating in a report on Monday, October 28th. HC Wainwright assumed coverage on Soleno Therapeutics in a research note on Tuesday, September 3rd. They set a “buy” rating and a $70.00 price target on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $67.00 price target on shares of Soleno Therapeutics in a research note on Friday, September 20th.

Soleno Therapeutics Stock Performance

SLNO opened at $56.39 on Friday. Soleno Therapeutics has a one year low of $21.30 and a one year high of $57.28. The company has a market cap of $2.19 billion, a P/E ratio of -23.11 and a beta of -1.44. The business’s 50-day simple moving average is $51.50 and its 200-day simple moving average is $47.17.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.57) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.06. As a group, analysts predict that Soleno Therapeutics will post -2.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Soleno Therapeutics news, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $48.73, for a total transaction of $24,365,000.00. Following the completion of the sale, the insider now directly owns 6,816,851 shares of the company’s stock, valued at approximately $332,185,149.23. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Soleno Therapeutics news, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $48.73, for a total transaction of $24,365,000.00. Following the completion of the sale, the insider now directly owns 6,816,851 shares of the company’s stock, valued at approximately $332,185,149.23. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kristen Yen sold 5,270 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $47.58, for a total value of $250,746.60. Following the sale, the insider now directly owns 90,008 shares of the company’s stock, valued at $4,282,580.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 701,362 shares of company stock valued at $33,970,517. 12.30% of the stock is owned by company insiders.

Institutional Trading of Soleno Therapeutics

Several hedge funds have recently modified their holdings of SLNO. Carlyle Group Inc. lifted its holdings in shares of Soleno Therapeutics by 42.5% in the 1st quarter. Carlyle Group Inc. now owns 4,071,562 shares of the company’s stock valued at $173,123,000 after buying an additional 1,213,758 shares during the period. Swiss National Bank raised its holdings in Soleno Therapeutics by 32.0% during the first quarter. Swiss National Bank now owns 30,100 shares of the company’s stock worth $1,288,000 after purchasing an additional 7,300 shares during the last quarter. Sei Investments Co. raised its holdings in Soleno Therapeutics by 22.0% during the first quarter. Sei Investments Co. now owns 12,577 shares of the company’s stock worth $538,000 after purchasing an additional 2,264 shares during the last quarter. StemPoint Capital LP acquired a new position in Soleno Therapeutics during the first quarter worth $4,958,000. Finally, Avoro Capital Advisors LLC raised its holdings in Soleno Therapeutics by 107.0% during the first quarter. Avoro Capital Advisors LLC now owns 1,625,000 shares of the company’s stock worth $69,550,000 after purchasing an additional 840,000 shares during the last quarter. 97.42% of the stock is owned by institutional investors and hedge funds.

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.