Soleno Therapeutics (NASDAQ:SLNO) Earns Outperform Rating from Robert W. Baird

Soleno Therapeutics (NASDAQ:SLNO)‘s stock had its “outperform” rating reiterated by investment analysts at Robert W. Baird in a report issued on Monday, Marketbeat Ratings reports. They currently have a $72.00 price target on the stock. Robert W. Baird’s target price points to a potential upside of 40.73% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. Oppenheimer lifted their price target on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Stifel Nicolaus boosted their target price on Soleno Therapeutics from $59.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Cantor Fitzgerald restated an “overweight” rating and set a $67.00 price target on shares of Soleno Therapeutics in a report on Friday, September 20th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $70.00 price objective on shares of Soleno Therapeutics in a report on Monday, November 11th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $74.83.

Soleno Therapeutics Stock Performance

Shares of SLNO stock opened at $51.16 on Monday. The stock has a fifty day simple moving average of $53.63 and a two-hundred day simple moving average of $48.73. Soleno Therapeutics has a 52-week low of $27.27 and a 52-week high of $60.92. The firm has a market capitalization of $2.21 billion, a PE ratio of -15.41 and a beta of -1.47.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($1.83) EPS for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). On average, sell-side analysts forecast that Soleno Therapeutics will post -3.76 EPS for the current fiscal year.

Insider Activity

In related news, CFO James H. Mackaness sold 8,077 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $399,246.11. Following the transaction, the chief financial officer now directly owns 119,172 shares in the company, valued at approximately $5,890,671.96. This represents a 6.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Bhatnagar Anish sold 21,633 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total transaction of $1,069,319.19. Following the completion of the sale, the chief executive officer now directly owns 719,553 shares in the company, valued at $35,567,504.79. This trade represents a 2.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,818 shares of company stock valued at $1,622,194 in the last ninety days. Insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD bought a new stake in shares of Soleno Therapeutics during the 1st quarter worth approximately $6,533,000. Sofinnova Investments Inc. increased its stake in Soleno Therapeutics by 267.7% in the second quarter. Sofinnova Investments Inc. now owns 554,359 shares of the company’s stock worth $22,618,000 after purchasing an additional 403,584 shares during the period. TD Asset Management Inc lifted its position in shares of Soleno Therapeutics by 174.0% during the second quarter. TD Asset Management Inc now owns 57,534 shares of the company’s stock worth $2,347,000 after purchasing an additional 36,534 shares during the last quarter. Samlyn Capital LLC boosted its stake 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 purchasing an additional 282,122 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in shares of Soleno Therapeutics in the second quarter worth about $3,623,000. Institutional investors own 97.42% of the company’s stock.

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.