Soleno Therapeutics (NASDAQ:SLNO) Shares Up 3.9% After Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) was up 3.9% during trading on Friday 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. Soleno Therapeutics traded as high as $70.86 and last traded at $70.04. Approximately 713,005 shares traded hands during trading, an increase of 17% from the average daily volume of 609,716 shares. The stock had previously closed at $67.39.

Several other research analysts have also commented on the stock. Laidlaw lifted their price objective on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the stock a "buy" rating in a research note on Thursday, March 27th. Lifesci Capital upgraded Soleno Therapeutics to a "strong-buy" rating in a report on Tuesday, February 4th. Stifel Nicolaus boosted their price objective on Soleno Therapeutics from $74.00 to $108.00 and gave the company a "buy" rating in a report on Friday. Cantor Fitzgerald raised their price target on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the stock an "overweight" rating in a research note on Thursday, March 27th. Finally, Robert W. Baird raised 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. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $98.86.

Insider Buying and Selling

In other news, CFO James H. Mackaness sold 4,083 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total transaction of $185,409.03. Following the transaction, the chief financial officer now owns 115,089 shares in the company, valued at $5,226,191.49. This represents a 3.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Bhatnagar Anish sold 10,937 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total transaction of $496,649.17. Following the completion of the transaction, the chief executive officer now directly owns 708,616 shares of the company's stock, valued at $32,178,252.56. The trade was a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 956,250 shares of company stock worth $64,583,745 in the last ninety days. 12.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Soleno Therapeutics

A number of large investors have recently made changes to their positions in the stock. AlphaQuest LLC grew its stake in Soleno Therapeutics by 1,154.4% during the 4th 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 acquired a new stake in shares of Soleno Therapeutics during the fourth quarter worth about $34,000. Avanza Fonder AB purchased a new stake in Soleno Therapeutics in the fourth quarter valued at approximately $76,000. Springhill Fund Asset Management HK Co Ltd acquired a new position in Soleno Therapeutics in the 4th quarter worth approximately $81,000. Finally, Avior Wealth Management LLC purchased a new position in Soleno Therapeutics during the 4th quarter worth approximately $89,000. 97.42% of the stock is owned by hedge funds and other institutional investors.

Soleno Therapeutics Trading Down 3.4 %

The business's 50-day simple moving average is $49.44 and its 200-day simple moving average is $50.23. The company has a market capitalization of $3.17 billion, a PE ratio of -20.88 and a beta of -1.70.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last posted its earnings results 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). Sell-side analysts forecast that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

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.