Soleno Therapeutics (NASDAQ:SLNO) Trading Down 6.7% After Insider Selling

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) fell 6.7% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $67.23 and last traded at $66.66. 824,107 shares changed hands during trading, an increase of 27% from the average session volume of 650,453 shares. The stock had previously closed at $71.45.

Specifically, VP Michael F. Huang sold 14,583 shares of Soleno Therapeutics stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $69.51, for a total value of $1,013,664.33. Following the sale, the vice president now owns 36,817 shares of the company's stock, valued at approximately $2,559,149.67. This trade represents a 28.37 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James H. Mackaness sold 90,622 shares of the company's stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $69.44, for a total value of $6,292,791.68. Following the transaction, the chief financial officer now directly owns 105,176 shares of the company's stock, valued at approximately $7,303,421.44. This trade represents a 46.28 % decrease in their position. The disclosure for this sale can be found here. In other news, Director Matthew Pauls sold 5,937 shares of Soleno Therapeutics stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $71.55, for a total value of $424,792.35. Following the sale, the director now directly owns 6,500 shares in the company, valued at $465,075. This trade represents a 47.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SLNO shares. Guggenheim reaffirmed a "buy" rating and issued a $81.00 target price (up previously from $70.00) on shares of Soleno Therapeutics in a research report on Friday, March 28th. UBS Group set a $105.00 price objective on Soleno Therapeutics in a report on Thursday, March 27th. Laidlaw lifted their target price on Soleno Therapeutics from $75.00 to $105.00 and gave the company a "buy" rating in a research report on Thursday, March 27th. Lifesci Capital raised Soleno Therapeutics to a "strong-buy" rating in a research report on Tuesday, February 4th. Finally, Stifel Nicolaus raised their price target on Soleno Therapeutics from $74.00 to $108.00 and gave the company a "buy" rating in a research note on Friday, March 28th. Seven investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Soleno Therapeutics presently has a consensus rating of "Buy" and a consensus price target of $99.63.

Soleno Therapeutics Price Performance

The business has a 50-day simple moving average of $51.19 and a two-hundred day simple moving average of $50.75. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of -20.33 and a beta of -2.29.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last posted its earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts' consensus estimates of ($0.86) by ($0.41). As a group, equities analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Soleno Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Intech Investment Management LLC acquired a new position in Soleno Therapeutics in the 3rd quarter valued at about $262,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Soleno Therapeutics by 208.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 192,597 shares of the company's stock worth $9,724,000 after acquiring an additional 130,080 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Soleno Therapeutics by 6.5% in the third quarter. The Manufacturers Life Insurance Company now owns 52,634 shares of the company's stock valued at $2,657,000 after purchasing an additional 3,226 shares during the last quarter. FMR LLC increased its stake in shares of Soleno Therapeutics by 6,048,754.5% during the third quarter. FMR LLC now owns 665,374 shares of the company's stock worth $33,595,000 after purchasing an additional 665,363 shares during the period. Finally, MetLife Investment Management LLC lifted its holdings in Soleno Therapeutics by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,772 shares of the company's stock worth $645,000 after purchasing an additional 7,196 shares during the last quarter. 97.42% of the stock is currently 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.