Soleno Therapeutics (NASDAQ:SLNO) Shares Down 6.8%

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report)'s share price was down 6.8% during mid-day trading on Thursday . The stock traded as low as $48.01 and last traded at $48.32. Approximately 215,546 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 399,200 shares. The stock had previously closed at $51.87.

Analyst Upgrades and Downgrades

SLNO has been the topic of several research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $67.00 price target on shares of Soleno Therapeutics in a report on Wednesday, July 31st. Oppenheimer increased their price target on Soleno Therapeutics from $59.00 to $65.00 and gave the company an "outperform" rating in a research report on Monday, August 12th. Baird R W upgraded Soleno Therapeutics to a "strong-buy" rating in a report on Friday, May 10th. Finally, Robert W. Baird initiated 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 for the company. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Soleno Therapeutics currently has a consensus rating of "Buy" and an average price target of $66.67.

Soleno Therapeutics Price Performance

The firm has a market cap of $1.62 billion, a PE ratio of -18.13 and a beta of -1.39. The business has a fifty day moving average price of $45.48 and a two-hundred day moving average price of $44.57.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its earnings results on Wednesday, August 7th. The company reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.06. As a group, sell-side analysts forecast that Soleno Therapeutics, Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling at Soleno Therapeutics

In other news, insider Kristen Yen sold 2,170 shares of the company's stock in a transaction on Monday, July 1st. The shares were sold at an average price of $41.54, for a total value of $90,141.80. Following the transaction, the insider now directly owns 21,252 shares of the company's stock, valued at $882,808.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Kristen Yen sold 2,170 shares of the 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 in the company, valued at $882,808.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Bhatnagar Anish sold 19,256 shares of Soleno Therapeutics stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $41.54, for a total transaction of $799,894.24. Following the completion of the sale, the chief executive officer now owns 133,534 shares of the company's stock, valued at $5,547,002.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 98,695 shares of company stock worth $4,396,224. 12.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Soleno Therapeutics

Several hedge funds have recently bought and sold shares of the business. Vivo Capital LLC grew its stake in Soleno Therapeutics by 162.8% in the 4th quarter. Vivo Capital LLC now owns 8,418,093 shares of the company's stock valued at $338,828,000 after buying an additional 5,215,000 shares during the last quarter. Carlyle Group Inc. grew its position in shares of Soleno Therapeutics by 42.5% in the first quarter. Carlyle Group Inc. now owns 4,071,562 shares of the company's stock valued at $173,123,000 after purchasing an additional 1,213,758 shares during the last quarter. Perceptive Advisors LLC increased its stake in shares of Soleno Therapeutics by 4.2% in the second quarter. Perceptive Advisors LLC now owns 3,204,976 shares of the company's stock worth $130,763,000 after purchasing an additional 130,434 shares during the period. Nantahala Capital Management LLC lifted its position in shares of Soleno Therapeutics by 27.9% during the 2nd quarter. Nantahala Capital Management LLC now owns 3,082,107 shares of the company's stock worth $125,750,000 after purchasing an additional 671,728 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Soleno Therapeutics by 13.7% during the 1st quarter. Janus Henderson Group PLC now owns 2,870,811 shares of the company's stock valued at $122,698,000 after purchasing an additional 346,914 shares during the period. 97.42% of the stock is owned by institutional investors and hedge funds.

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.