Soleno Therapeutics, Inc. (NASDAQ:SLNO) Receives Consensus Recommendation of "Buy" from Brokerages

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) has received a consensus rating of "Buy" from the ten brokerages that are covering the company, Marketbeat reports. Eight equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $104.67.

A number of equities research analysts recently weighed in on the company. Lifesci Capital upgraded Soleno Therapeutics to a "strong-buy" rating in a research note on Tuesday, February 4th. Guggenheim reissued a "buy" rating and set a $81.00 price target (up from $70.00) on shares of Soleno Therapeutics in a research report on Friday, March 28th. Robert W. Baird raised their price target on shares of Soleno Therapeutics from $72.00 to $102.00 and gave the company an "outperform" rating in a report on Thursday, March 27th. Stifel Nicolaus boosted their price objective on shares of Soleno Therapeutics from $74.00 to $108.00 and gave the stock a "buy" rating in a research note on Friday, March 28th. Finally, Piper Sandler raised their target price on shares of Soleno Therapeutics from $93.00 to $145.00 and gave the company an "overweight" rating in a research note on Thursday.

Soleno Therapeutics Price Performance

NASDAQ SLNO traded down $0.97 during trading on Friday, reaching $73.26. 776,359 shares of the company's stock traded hands, compared to its average volume of 737,909. The company's 50 day simple moving average is $57.41 and its two-hundred day simple moving average is $52.86. Soleno Therapeutics has a 12-month low of $36.93 and a 12-month high of $74.50. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of -22.07 and a beta of -2.29.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($0.41). Research analysts expect that Soleno Therapeutics will post -3.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 699,095 shares of Soleno Therapeutics stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $67.62, for a total transaction of $47,272,803.90. Following the completion of the sale, the chief executive officer now directly owns 577,076 shares in the company, valued at approximately $39,021,879.12. The trade was a 54.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Patricia C. Hirano sold 3,782 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $70.11, for a total transaction of $265,156.02. Following the completion of the sale, the insider now directly owns 27,036 shares in the company, valued at $1,895,493.96. This trade represents a 12.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 942,672 shares of company stock worth $64,058,781 in the last 90 days. Insiders own 12.30% of the company's stock.

Hedge Funds Weigh In On Soleno Therapeutics

A number of institutional investors have recently modified their holdings of the stock. AlphaQuest LLC grew its holdings in Soleno Therapeutics by 1,154.4% during the fourth quarter. AlphaQuest LLC now owns 715 shares of the company's stock worth $32,000 after acquiring an additional 658 shares during the period. US Bancorp DE acquired a new stake in shares of Soleno Therapeutics during the 4th quarter worth approximately $34,000. Avanza Fonder AB purchased a new position in shares of Soleno Therapeutics during the 4th quarter valued at approximately $76,000. Springhill Fund Asset Management HK Co Ltd acquired a new position in shares of Soleno Therapeutics in the 4th quarter valued at $81,000. Finally, Avior Wealth Management LLC purchased a new stake in Soleno Therapeutics during the fourth quarter worth $89,000. Hedge funds and other institutional investors own 97.42% of the company's stock.

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.