Soleno Therapeutics Sees Unusually High Options Volume (NASDAQ:SLNO)

Soleno Therapeutics, Inc. (NASDAQ:SLNO) was the recipient of some unusual options trading activity on Monday. Investors bought 11,493 put options on the company. This represents an increase of approximately 451% compared to the average daily volume of 2,084 put options.

Analyst Upgrades and Downgrades

SLNO has been the subject of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $67.00 price target on shares of Soleno Therapeutics in a report on Friday, September 20th. HC Wainwright reiterated a “buy” rating and set a $70.00 target price on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Oppenheimer raised their price target on Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Robert W. Baird reaffirmed an “outperform” rating and set a $72.00 price objective on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $74.00 price objective on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $74.83.

Soleno Therapeutics Price Performance

Shares of NASDAQ SLNO opened at $45.30 on Tuesday. Soleno Therapeutics has a one year low of $35.70 and a one year high of $60.92. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of -13.64 and a beta of -1.47. The stock’s fifty day moving average price is $51.88 and its two-hundred day moving average price is $49.15.

Soleno Therapeutics (NASDAQ:SLNO) last released 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, equities analysts anticipate that Soleno Therapeutics will post -3.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SLNO. Amalgamated Bank acquired a new stake in Soleno Therapeutics during the second quarter worth approximately $31,000. Victory Capital Management Inc. lifted its position in shares of Soleno Therapeutics by 26.3% during the 2nd quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock valued at $438,000 after acquiring an additional 2,236 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Soleno Therapeutics during the 3rd quarter worth $155,000. The Manufacturers Life Insurance Company increased its position in shares of Soleno Therapeutics by 6.5% in the third quarter. The Manufacturers Life Insurance Company now owns 52,634 shares of the company’s stock worth $2,657,000 after purchasing an additional 3,226 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Soleno Therapeutics by 35.8% in the third quarter. JPMorgan Chase & Co. now owns 13,915 shares of the company’s stock valued at $703,000 after purchasing an additional 3,666 shares in the last quarter. 97.42% of the stock is 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.