Soleno Therapeutics (NASDAQ:SLNO) Sees Strong Trading Volume Following Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) shares saw unusually-high trading volume on Monday after HC Wainwright raised their price target on the stock from $70.00 to $100.00. HC Wainwright currently has a buy rating on the stock. Approximately 891,497 shares were traded during trading, an increase of 40% from the previous session's volume of 638,012 shares.The stock last traded at $73.53 and had previously closed at $71.99.

A number of other research firms have also recently issued reports on SLNO. Robert W. Baird increased their price objective on shares of Soleno Therapeutics from $72.00 to $102.00 and gave the company an "outperform" rating in a research note on Thursday, March 27th. Lifesci Capital upgraded Soleno Therapeutics to a "strong-buy" rating in a research note on Tuesday, February 4th. Laidlaw raised their price objective on Soleno Therapeutics from $75.00 to $105.00 and gave the company a "buy" rating in a report on Thursday, March 27th. Stifel Nicolaus upped their target price on Soleno Therapeutics from $74.00 to $108.00 and gave the stock a "buy" rating in a report on Friday, March 28th. Finally, Cantor Fitzgerald lifted their price target on Soleno Therapeutics from $67.00 to $123.00 and gave the company an "overweight" rating in a research note on Thursday, March 27th. Seven investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $99.63.

Insider Transactions at Soleno Therapeutics

In related news, CEO Bhatnagar Anish sold 699,095 shares of Soleno Therapeutics stock in a transaction 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 transaction, the chief executive officer now owns 577,076 shares of the company's stock, valued at $39,021,879.12. This trade represents a 54.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patricia C. Hirano sold 128,653 shares of the company's stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $68.32, for a total transaction of $8,789,572.96. Following the sale, the insider now directly owns 55,789 shares in the company, valued at $3,811,504.48. This trade represents a 69.75 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 942,672 shares of company stock worth $64,058,781. Company insiders own 12.30% of the company's stock.

Hedge Funds Weigh In On Soleno Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of SLNO. Wellington Management Group LLP increased its stake in Soleno Therapeutics by 14.5% in the fourth quarter. Wellington Management Group LLP now owns 782,265 shares of the company's stock valued at $35,163,000 after purchasing an additional 99,095 shares in the last quarter. California State Teachers Retirement System increased its position in Soleno Therapeutics by 23.6% in the 4th quarter. California State Teachers Retirement System now owns 21,977 shares of the company's stock valued at $988,000 after buying an additional 4,201 shares in the last quarter. Polar Asset Management Partners Inc. increased its position in Soleno Therapeutics by 296.8% in the 4th quarter. Polar Asset Management Partners Inc. now owns 125,400 shares of the company's stock valued at $5,637,000 after buying an additional 93,800 shares in the last quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. acquired a new position in Soleno Therapeutics during the 4th quarter worth approximately $13,451,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Soleno Therapeutics by 24.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 27,504 shares of the company's stock worth $1,236,000 after acquiring an additional 5,462 shares in the last quarter. 97.42% of the stock is currently owned by institutional investors.

Soleno Therapeutics Price Performance

The company has a fifty day moving average price of $50.80 and a 200 day moving average price of $50.65. The stock has a market cap of $3.09 billion, a P/E ratio of -20.33 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 analysts' consensus estimates of ($0.86) by ($0.41). As a group, sell-side analysts expect that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

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.