Soleno Therapeutics (NASDAQ:SLNO) Trading Up 3.9% After Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares traded up 3.9% during mid-day trading on Friday after Laidlaw raised their price target on the stock from $75.00 to $105.00. Laidlaw currently has a buy rating on the stock. Soleno Therapeutics traded as high as $70.86 and last traded at $70.04. 713,005 shares were traded during mid-day trading, an increase of 17% from the average session volume of 609,716 shares. The stock had previously closed at $67.39.

A number of other equities analysts also recently issued reports on the company. Stifel Nicolaus assumed coverage on Soleno Therapeutics in a research note on Wednesday, March 5th. They set a “buy” rating and a $74.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $70.00 target price on shares of Soleno Therapeutics in a research report on Monday, March 3rd. Robert W. Baird increased their price target on Soleno Therapeutics from $72.00 to $102.00 and gave the company an “outperform” rating in a research report on Thursday. Lifesci Capital raised shares of Soleno Therapeutics to a “strong-buy” rating in a report on Tuesday, February 4th. Finally, Cantor Fitzgerald raised their price target on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the company an “overweight” rating in a research report on Thursday. Seven analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Soleno Therapeutics presently has an average rating of “Buy” and a consensus target price of $91.17.

Insiders Place Their Bets

In related news, CFO James H. Mackaness sold 4,083 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total transaction of $185,409.03. Following the completion of the transaction, the chief financial officer now owns 115,089 shares of the company’s stock, valued at approximately $5,226,191.49. The trade was a 3.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Bhatnagar Anish sold 10,937 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total transaction of $496,649.17. Following the completion of the sale, the chief executive officer now owns 708,616 shares in the company, valued at $32,178,252.56. This represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,360 shares of company stock worth $790,119 over the last 90 days. Corporate insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. AlphaQuest LLC grew its stake in Soleno Therapeutics by 1,154.4% in the 4th quarter. AlphaQuest LLC now owns 715 shares of the company’s stock worth $32,000 after buying an additional 658 shares in the last quarter. US Bancorp DE bought a new stake in Soleno Therapeutics during the fourth quarter worth about $34,000. Avanza Fonder AB purchased a new position in shares of Soleno Therapeutics in the 4th quarter worth about $76,000. Springhill Fund Asset Management HK Co Ltd bought a new position in shares of Soleno Therapeutics during the 4th quarter valued at about $81,000. Finally, Avior Wealth Management LLC bought a new stake in Soleno Therapeutics in the fourth quarter worth $89,000. Hedge funds and other institutional investors own 97.42% of the company’s stock.

Soleno Therapeutics Stock Up 3.6 %

The company has a fifty day moving average price of $48.44 and a 200 day moving average price of $49.90. The stock has a market cap of $3.20 billion, a PE ratio of -21.06 and a beta of -1.70.

Soleno Therapeutics (NASDAQ:SLNO) last posted its earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.41). As a group, research analysts predict that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

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.