HC Wainwright Reiterates “Buy” Rating for Soleno Therapeutics (NASDAQ:SLNO)

Soleno Therapeutics (NASDAQ:SLNO)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They presently have a $70.00 target price on the stock. HC Wainwright’s target price suggests a potential upside of 36.83% from the stock’s current price.

A number of other equities research analysts have also recently commented on SLNO. Stifel Nicolaus lifted their target price on Soleno Therapeutics from $59.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. 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. Oppenheimer upped their price objective on Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a research note on Monday, October 28th. Finally, Robert W. Baird reissued an “outperform” rating and set a $72.00 price objective on shares of Soleno Therapeutics in a report on Monday. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $74.83.

Soleno Therapeutics Stock Performance

NASDAQ:SLNO opened at $51.16 on Monday. Soleno Therapeutics has a 52 week low of $27.27 and a 52 week high of $60.92. The firm has a 50-day moving average price of $53.63 and a two-hundred day moving average price of $48.73. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of -15.41 and a beta of -1.47.

Soleno Therapeutics (NASDAQ:SLNO) last released its earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.61) by ($1.22). As a group, sell-side analysts forecast that Soleno Therapeutics will post -3.76 earnings per share for the current year.

Insider Activity at Soleno Therapeutics

In other news, insider Kristen Yen sold 3,108 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total transaction of $153,628.44. Following the sale, the insider now directly owns 81,465 shares in the company, valued at $4,026,814.95. This represents a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO James H. Mackaness sold 8,077 shares of the firm’s 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 $399,246.11. Following the completion of the transaction, the chief financial officer now owns 119,172 shares of the company’s stock, valued at $5,890,671.96. This trade represents a 6.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,818 shares of company stock worth $1,622,194. Corporate insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Virtu Financial LLC purchased a new position in Soleno Therapeutics during the third quarter worth about $490,000. Teachers Retirement System of The State of Kentucky purchased a new position in shares of Soleno Therapeutics during the third quarter worth about $656,000. Geode Capital Management LLC increased its position in shares of Soleno Therapeutics by 10.5% in the third quarter. Geode Capital Management LLC now owns 540,296 shares of the company’s stock worth $27,286,000 after purchasing an additional 51,189 shares during the last quarter. Barclays PLC raised its stake in Soleno Therapeutics by 149.3% in the third quarter. Barclays PLC now owns 52,545 shares of the company’s stock valued at $2,652,000 after purchasing an additional 31,467 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in Soleno Therapeutics by 73.8% in the 3rd quarter. Wellington Management Group LLP now owns 683,170 shares of the company’s stock worth $34,493,000 after buying an additional 290,135 shares in 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.