Soleno Therapeutics (NASDAQ:SLNO) Reaches New 52-Week High - Time to Buy?

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $74.00 and last traded at $72.45, with a volume of 664720 shares trading hands. The stock had previously closed at $73.67.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SLNO shares. Stifel Nicolaus boosted their price target 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. UBS Group set a $105.00 target price on shares of Soleno Therapeutics in a research report on Thursday, March 27th. Laidlaw raised their price target on Soleno Therapeutics from $75.00 to $105.00 and gave the stock a "buy" rating in a research report on Thursday, March 27th. Guggenheim reaffirmed a "buy" rating and set a $81.00 price objective (up from $70.00) on shares of Soleno Therapeutics in a research note on Friday, March 28th. Finally, Lifesci Capital raised Soleno Therapeutics to a "strong-buy" rating in a research note on Tuesday, February 4th. Seven analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $99.63.

Soleno Therapeutics Trading Down 15.2 %

The company has a 50 day moving average of $52.04 and a 200 day moving average of $50.95. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of -17.78 and a beta of -2.29.

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Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($1.27) EPS for the quarter, missing analysts' consensus estimates of ($0.86) by ($0.41). Equities analysts forecast that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Bhatnagar Anish sold 699,095 shares of the company's stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $67.62, for a total transaction of $47,272,803.90. Following the completion of the transaction, the chief executive officer now directly owns 577,076 shares of the company's stock, valued at $39,021,879.12. This represents a 54.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patricia C. Hirano sold 128,653 shares of the stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $68.32, for a total value of $8,789,572.96. Following the transaction, the insider now owns 55,789 shares of the company's stock, valued at approximately $3,811,504.48. The trade was a 69.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 942,672 shares of company stock worth $64,058,781. Company insiders own 12.30% of the company's stock.

Institutional Investors Weigh In On Soleno Therapeutics

Several institutional investors have recently bought and sold shares of the company. AlphaQuest LLC raised its holdings in shares of Soleno Therapeutics by 1,154.4% in the fourth quarter. AlphaQuest LLC now owns 715 shares of the company's stock valued at $32,000 after purchasing an additional 658 shares during the last quarter. US Bancorp DE bought a new position in Soleno Therapeutics in the fourth quarter valued at $34,000. Avanza Fonder AB acquired a new stake in Soleno Therapeutics in the 4th quarter valued at $76,000. Springhill Fund Asset Management HK Co Ltd bought a new stake in Soleno Therapeutics during the 4th quarter worth about $81,000. Finally, Avior Wealth Management LLC acquired a new position in shares of Soleno Therapeutics during the 4th quarter worth about $89,000. 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.