Soleno Therapeutics Target of Unusually Large Options Trading (NASDAQ:SLNO)

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) was the recipient of some unusual options trading activity on Tuesday. Investors bought 8,829 put options on the company. This represents an increase of approximately 1,271% compared to the typical volume of 644 put options.

Insider Activity at Soleno Therapeutics

In related news, insider Kristen Yen sold 2,170 shares of Soleno Therapeutics stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $41.54, for a total value of $90,141.80. Following the sale, the insider now directly owns 21,252 shares in the company, valued at $882,808.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Soleno Therapeutics news, CFO James H. Mackaness sold 6,849 shares of Soleno Therapeutics stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $45.77, for a total transaction of $313,478.73. Following the completion of the transaction, the chief financial officer now owns 148,914 shares in the company, valued at $6,815,793.78. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kristen Yen sold 2,170 shares of Soleno Therapeutics stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $41.54, for a total value of $90,141.80. Following the transaction, the insider now owns 21,252 shares of the company's stock, valued at $882,808.08. The disclosure for this sale can be found here. Insiders sold a total of 98,695 shares of company stock worth $4,396,224 over the last 90 days. Company insiders own 12.30% of the company's stock.

Hedge Funds Weigh In On Soleno Therapeutics

A number of hedge funds have recently made changes to their positions in the business. Amalgamated Bank acquired a new stake in Soleno Therapeutics in the 2nd quarter valued at $31,000. Victory Capital Management Inc. raised its holdings 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 buying an additional 2,236 shares during the period. Cannon Global Investment Management LLC acquired a new position in Soleno Therapeutics during the 1st quarter worth approximately $505,000. Sei Investments Co. boosted its holdings in Soleno Therapeutics by 22.0% in the 1st quarter. Sei Investments Co. now owns 12,577 shares of the company's stock worth $538,000 after acquiring an additional 2,264 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in Soleno Therapeutics in the second quarter valued at approximately $569,000. Hedge funds and other institutional investors own 97.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SLNO. Oppenheimer increased their price objective on Soleno Therapeutics from $59.00 to $65.00 and gave the company an "outperform" rating in a research note on Monday, August 12th. Cantor Fitzgerald reiterated an "overweight" rating and set a $67.00 price target on shares of Soleno Therapeutics in a report on Wednesday, July 31st. Robert W. Baird assumed coverage on shares of Soleno Therapeutics in a research note on Friday, May 10th. They set an "outperform" rating and a $72.00 price objective on the stock. Finally, Baird R W raised shares of Soleno Therapeutics to a "strong-buy" rating in a research note on Friday, May 10th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $66.67.

Soleno Therapeutics Price Performance

SLNO stock traded up $2.91 on Tuesday, hitting $49.04. 2,180,977 shares of the company were exchanged, compared to its average volume of 415,726. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -18.30 and a beta of -1.39. The business's fifty day moving average is $45.76 and its two-hundred day moving average is $44.51. Soleno Therapeutics has a twelve month low of $3.69 and a twelve month high of $53.82.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last issued its earnings results on Wednesday, August 7th. The company reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.06. Equities research analysts expect that Soleno Therapeutics will post -2.36 earnings per share for the current 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.

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