Soleno Therapeutics (NASDAQ:SLNO) Trading Up 6.4% - Time to Buy?

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report)'s share price traded up 6.4% during trading on Friday . The company traded as high as $54.20 and last traded at $54.05. 166,542 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 453,134 shares. The stock had previously closed at $50.80.

Analyst Upgrades and Downgrades

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

Soleno Therapeutics Trading Up 7.8 %

The stock has a market cap of $2.13 billion, a PE ratio of -22.30 and a beta of -1.45. The business has a fifty day simple moving average of $49.09 and a two-hundred day simple moving average of $45.28.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last issued its quarterly 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. On average, research analysts predict that Soleno Therapeutics, Inc. will post -2.28 earnings per share for the current year.

Insider Activity at Soleno Therapeutics

In other Soleno Therapeutics news, CFO James H. Mackaness sold 6,849 shares of the company's 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 sale, the chief financial officer now owns 148,914 shares in the company, valued at approximately $6,815,793.78. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO James H. Mackaness sold 6,849 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $45.77, for a total value of $313,478.73. Following the sale, the chief financial officer now directly owns 148,914 shares of the company's stock, valued at approximately $6,815,793.78. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kristen Yen sold 3,108 shares of Soleno Therapeutics stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total value of $153,628.44. Following the completion of the transaction, the insider now directly owns 81,465 shares of the company's stock, valued at approximately $4,026,814.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 771,441 shares of company stock valued at $37,178,033 in the last three months. Company insiders own 12.30% of the company's stock.

Institutional Investors Weigh In On Soleno Therapeutics

A number of institutional investors have recently made changes to their positions in the company. Amalgamated Bank bought a new position in Soleno Therapeutics in the 2nd quarter valued at approximately $31,000. Victory Capital Management Inc. increased its holdings in Soleno Therapeutics by 26.3% in the 2nd quarter. Victory Capital Management Inc. now owns 10,727 shares of the company's stock worth $438,000 after buying an additional 2,236 shares in the last quarter. Cannon Global Investment Management LLC purchased a new position in Soleno Therapeutics in the 1st quarter worth about $505,000. Sei Investments Co. lifted its stake in Soleno Therapeutics by 22.0% during the 1st quarter. Sei Investments Co. now owns 12,577 shares of the company's stock valued at $538,000 after acquiring an additional 2,264 shares during the period. Finally, California State Teachers Retirement System boosted its holdings in shares of Soleno Therapeutics by 33.8% during the 1st quarter. California State Teachers Retirement System now owns 13,780 shares of the company's stock valued at $590,000 after acquiring an additional 3,481 shares during the last quarter. Hedge funds and other institutional investors own 97.42% of the company's stock.

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.