Soleno Therapeutics (NASDAQ:SLNO) Sees Strong Trading Volume

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) saw an uptick in trading volume on Friday . 254,750 shares traded hands during mid-day trading, a decline of 39% from the previous session's volume of 418,587 shares.The stock last traded at $52.00 and had previously closed at $49.61.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SLNO. HC Wainwright began coverage on shares of Soleno Therapeutics in a research note on Tuesday, September 3rd. They set a "buy" rating and a $70.00 price target on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $67.00 price target on shares of Soleno Therapeutics in a research report on Wednesday, July 31st. Finally, Oppenheimer upped their price objective on shares of Soleno Therapeutics from $59.00 to $65.00 and gave the company an "outperform" rating in a research note on Monday, August 12th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Soleno Therapeutics presently has a consensus rating of "Buy" and a consensus price target of $67.14.

Soleno Therapeutics Trading Up 6.5 %

The stock has a market cap of $2.05 billion, a PE ratio of -19.71 and a beta of -1.46. The company's 50 day moving average is $47.60 and its 200-day moving average is $44.63.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its quarterly 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. As a group, analysts forecast that Soleno Therapeutics, Inc. will post -2.28 EPS for the current year.

Insider Transactions at Soleno Therapeutics

In other news, CEO Bhatnagar Anish sold 56,613 shares of the business's stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $47.58, for a total value of $2,693,646.54. Following the completion of the sale, the chief executive officer now owns 799,577 shares of the company's stock, valued at approximately $38,043,873.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Soleno Therapeutics news, insider Kristen Yen sold 2,170 shares of the business's stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $41.54, for a total transaction of $90,141.80. Following the completion of the transaction, the insider now directly owns 21,252 shares of the company's stock, valued at approximately $882,808.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Bhatnagar Anish sold 56,613 shares of the company's stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $47.58, for a total transaction of $2,693,646.54. Following the completion of the sale, the chief executive officer now directly owns 799,577 shares of the company's stock, valued at $38,043,873.66. The disclosure for this sale can be found here. In the last 90 days, insiders sold 767,239 shares of company stock valued at $36,744,548. Insiders own 12.30% of the company's stock.

Institutional Trading of Soleno Therapeutics

Institutional investors have recently made changes to their positions in the stock. Carlyle Group Inc. raised its holdings in shares of Soleno Therapeutics by 42.5% in the 1st quarter. Carlyle Group Inc. now owns 4,071,562 shares of the company's stock worth $173,123,000 after purchasing an additional 1,213,758 shares in the last quarter. Perceptive Advisors LLC increased its stake in Soleno Therapeutics by 4.2% in the 2nd quarter. Perceptive Advisors LLC now owns 3,204,976 shares of the company's stock valued at $130,763,000 after buying an additional 130,434 shares during the period. Nantahala Capital Management LLC grew its position in Soleno Therapeutics by 27.9% in the second quarter. Nantahala Capital Management LLC now owns 3,082,107 shares of the company's stock worth $125,750,000 after acquiring an additional 671,728 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Soleno Therapeutics by 13.7% during the 1st quarter. Janus Henderson Group PLC now owns 2,870,811 shares of the company's stock worth $122,698,000 after buying an additional 346,914 shares during the period. Finally, Avoro Capital Advisors LLC boosted its holdings in shares of Soleno Therapeutics by 28.7% during the 2nd quarter. Avoro Capital Advisors LLC now owns 2,091,666 shares of the company's stock worth $85,340,000 after buying an additional 466,666 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.