Stock Traders Purchase High Volume of Soleno Therapeutics Put Options (NASDAQ:SLNO)

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) was the target of unusually large options trading activity on Tuesday. Stock traders bought 11,478 put options on the stock. This represents an increase of approximately 1,203% compared to the typical volume of 881 put options.

Insider Transactions at Soleno Therapeutics

In other news, insider Kristen Yen sold 3,108 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 $153,628.44. Following the completion of the transaction, the insider now owns 81,465 shares in the company, valued at approximately $4,026,814.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO James H. Mackaness sold 6,849 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $45.77, for a total value 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Kristen Yen sold 3,108 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $153,628.44. Following the completion of the transaction, the insider now owns 81,465 shares of the company's stock, valued at $4,026,814.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 771,441 shares of company stock worth $37,178,033. Insiders own 12.30% of the company's stock.

Institutional Trading of Soleno Therapeutics

Hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP bought a new position in Soleno Therapeutics during the fourth quarter valued at approximately $8,557,000. Rafferty Asset Management LLC bought a new position in Soleno Therapeutics during the fourth quarter valued at approximately $2,088,000. Allspring Global Investments Holdings LLC bought a new position in Soleno Therapeutics during the first quarter valued at approximately $4,444,000. Price T Rowe Associates Inc. MD bought a new position in Soleno Therapeutics during the first quarter valued at approximately $6,533,000. Finally, Sofinnova Investments Inc. raised its position in Soleno Therapeutics by 267.7% during the second quarter. Sofinnova Investments Inc. now owns 554,359 shares of the company's stock valued at $22,618,000 after acquiring an additional 403,584 shares in the last quarter. 97.42% of the stock is owned by hedge funds and other institutional investors.

Soleno Therapeutics Trading Up 9.1 %

SLNO stock traded up $4.34 during mid-day trading on Tuesday, reaching $51.97. 4,529,486 shares of the stock traded hands, compared to its average volume of 449,725. Soleno Therapeutics has a 52-week low of $21.30 and a 52-week high of $56.56. The company has a market cap of $1.74 billion, a P/E ratio of -19.39 and a beta of -1.45. The stock's fifty day moving average is $48.89 and its 200-day moving average is $45.13.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.57) EPS for the quarter, beating analysts' consensus estimates of ($0.63) by $0.06. Equities research analysts expect that Soleno Therapeutics will post -2.28 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SLNO. Cantor Fitzgerald reiterated an "overweight" rating and issued a $67.00 target price on shares of Soleno Therapeutics in a research report on Friday, September 20th. Oppenheimer increased their target price on shares of Soleno Therapeutics from $59.00 to $65.00 and gave the company an "outperform" rating in a research report on Monday, August 12th. HC Wainwright initiated coverage on shares of Soleno Therapeutics in a research report on Tuesday, September 3rd. They set a "buy" rating and a $70.00 price objective for the company. Finally, Stifel Nicolaus raised their price objective on shares of Soleno Therapeutics from $59.00 to $74.00 and gave the company a "buy" rating in a research report on Tuesday, October 1st. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $68.71.

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.