Soleno Therapeutics, Inc. (NASDAQ:SLNO) Short Interest Down 23.2% in November

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) was the target of a significant decline in short interest in November. As of November 15th, there was short interest totalling 4,740,000 shares, a decline of 23.2% from the October 31st total of 6,170,000 shares. Currently, 14.8% of the company's shares are short sold. Based on an average daily trading volume, of 654,000 shares, the days-to-cover ratio is presently 7.2 days.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Oppenheimer upped their price objective on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the company an "outperform" rating in a research report on Monday, October 28th. HC Wainwright reaffirmed a "buy" rating and issued a $70.00 target price on shares of Soleno Therapeutics in a research report on Monday, November 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $67.00 price objective on shares of Soleno Therapeutics in a report on Friday, September 20th. Finally, Stifel Nicolaus increased their price objective on shares of Soleno Therapeutics from $59.00 to $74.00 and gave the company a "buy" rating in a research note on Tuesday, October 1st. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Soleno Therapeutics has a consensus rating of "Buy" and an average price target of $74.83.

Soleno Therapeutics Trading Down 5.6 %

NASDAQ SLNO traded down $3.13 on Friday, hitting $52.71. 1,226,573 shares of the company's stock traded hands, compared to its average volume of 479,179. The firm's 50-day moving average price is $53.51 and its two-hundred day moving average price is $48.61. The firm has a market capitalization of $2.27 billion, a PE ratio of -15.88 and a beta of -1.44. Soleno Therapeutics has a 1-year low of $27.27 and a 1-year high of $60.92.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.61) by ($1.22). On average, research analysts anticipate that Soleno Therapeutics will post -3.76 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Bhatnagar Anish sold 21,633 shares of the company's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total value of $1,069,319.19. Following the completion of the sale, the chief executive officer now owns 719,553 shares in the company, valued at approximately $35,567,504.79. This represents a 2.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kristen Yen sold 3,108 shares of the business's stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $153,628.44. Following the transaction, the insider now owns 81,465 shares in the company, valued at approximately $4,026,814.95. This represents a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,818 shares of company stock valued at $1,622,194 over the last 90 days. Insiders own 12.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank purchased a new position in shares of Soleno Therapeutics during the second quarter valued at approximately $31,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Soleno Therapeutics during the third quarter worth about $155,000. Curi RMB Capital LLC acquired a new position in shares of Soleno Therapeutics during the third quarter valued at $202,000. Intech Investment Management LLC acquired a new stake in Soleno Therapeutics in the third quarter worth about $262,000. Finally, Fred Alger Management LLC bought a new position in shares of Soleno Therapeutics during the 3rd quarter valued at about $310,000. Institutional investors and hedge funds 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.