Soleno Therapeutics (NASDAQ:SLNO) Reaches New 12-Month High Following Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday after Oppenheimer raised their price target on the stock from $65.00 to $73.00. Oppenheimer currently has an outperform rating on the stock. Soleno Therapeutics traded as high as $57.28 and last traded at $56.72, with a volume of 233130 shares traded. The stock had previously closed at $54.92.

SLNO has been the topic of several other research reports. Stifel Nicolaus upped their price target 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 issued a $67.00 price target on shares of Soleno Therapeutics in a research note on Friday, September 20th. Finally, HC Wainwright assumed coverage on Soleno Therapeutics in a research note on Tuesday, September 3rd. They issued a "buy" rating and a $70.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Soleno Therapeutics has an average rating of "Buy" and a consensus price target of $69.86.

Insider Transactions at Soleno Therapeutics

In related news, insider Kristen Yen sold 3,108 shares of the firm's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total value of $153,628.44. Following the transaction, the insider now directly owns 81,465 shares of the company's stock, valued at approximately $4,026,814.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Kristen Yen sold 3,108 shares of the firm's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total value of $153,628.44. Following the transaction, the insider now directly owns 81,465 shares of the company's stock, valued at approximately $4,026,814.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the firm's stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $48.73, for a total value of $24,365,000.00. Following the completion of the transaction, the insider now directly owns 6,816,851 shares in the company, valued at approximately $332,185,149.23. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 771,441 shares of company stock worth $37,178,033 in the last ninety days. 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 bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its holdings in Soleno Therapeutics by 5.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 141,424 shares of the company's stock valued at $7,140,000 after acquiring an additional 7,840 shares during the period. Nantahala Capital Management LLC raised its holdings in Soleno Therapeutics by 27.9% during the second quarter. Nantahala Capital Management LLC now owns 3,082,107 shares of the company's stock valued at $125,750,000 after acquiring an additional 671,728 shares during the period. Perceptive Advisors LLC raised its holdings in Soleno Therapeutics by 4.2% during the second quarter. Perceptive Advisors LLC now owns 3,204,976 shares of the company's stock valued at $130,763,000 after acquiring an additional 130,434 shares during the period. Driehaus Capital Management LLC bought a new stake in Soleno Therapeutics during the second quarter valued at about $5,920,000. Finally, The Manufacturers Life Insurance Company raised its holdings in Soleno Therapeutics by 120.7% during the second quarter. The Manufacturers Life Insurance Company now owns 49,408 shares of the company's stock valued at $2,016,000 after acquiring an additional 27,020 shares during the period. 97.42% of the stock is owned by institutional investors.

Soleno Therapeutics Stock Up 0.7 %

The stock has a fifty day simple moving average of $50.55 and a 200 day simple moving average of $46.28. The firm has a market capitalization of $1.85 billion, a P/E ratio of -21.16 and a beta of -1.45.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last issued its earnings results on Wednesday, August 7th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $0.06. Research analysts anticipate that Soleno Therapeutics, Inc. will post -2.28 earnings per share for the current fiscal year.

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.