Soleno Therapeutics (NASDAQ:SLNO) Stock Price Down 6.7% Following Insider Selling

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) shares fell 6.7% on Tuesday following insider selling activity. The company traded as low as $67.23 and last traded at $66.66. 824,107 shares traded 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 the stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $69.51, for a total transaction of $1,013,664.33. Following the sale, the vice president now owns 36,817 shares of the company's stock, valued at $2,559,149.67. This represents a 28.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James H. Mackaness sold 90,622 shares of the business's stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $69.44, for a total transaction of $6,292,791.68. Following the completion of 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 represents a 46.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, Director Matthew Pauls sold 5,937 shares of the stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $71.55, for a total transaction of $424,792.35. Following the sale, the director now directly owns 6,500 shares of the company's stock, valued at $465,075. This 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 through this link.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. HC Wainwright upped their price objective on Soleno Therapeutics from $70.00 to $100.00 and gave the stock a "buy" rating in a report on Monday, March 31st. Robert W. Baird upped their price target on Soleno Therapeutics from $72.00 to $102.00 and gave the company an "outperform" rating in a research note on Thursday, March 27th. Cantor Fitzgerald lifted their price objective on Soleno Therapeutics from $67.00 to $123.00 and gave the stock an "overweight" rating in a research report on Thursday, March 27th. Laidlaw upped their target price on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the company a "buy" rating in a research report on Thursday, March 27th. Finally, UBS Group set a $105.00 target price on shares of Soleno Therapeutics in a research note on Thursday, March 27th. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Soleno Therapeutics has a consensus rating of "Buy" and an average price target of $99.63.

Soleno Therapeutics Stock Performance

The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of -20.33 and a beta of -2.29. The company has a 50-day moving average price of $51.19 and a 200-day moving average price of $50.74.

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 anticipate that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Institutional Trading of Soleno Therapeutics

A number of large investors have recently made changes to their positions in SLNO. Charles Schwab Investment Management Inc. grew its stake in Soleno Therapeutics by 208.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 192,597 shares of the company's stock valued at $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 3rd 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 period. FMR LLC increased its stake in Soleno Therapeutics by 6,048,754.5% during the 3rd quarter. FMR LLC now owns 665,374 shares of the company's stock worth $33,595,000 after purchasing an additional 665,363 shares in the last quarter. MetLife Investment Management LLC raised 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 buying an additional 7,196 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Soleno Therapeutics in the third quarter valued at approximately $155,000. 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.