Soleno Therapeutics (NASDAQ:SLNO) Trading Up 8.6% - Here's Why

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) traded up 8.6% on Wednesday . The company traded as high as $46.22 and last traded at $46.19. 188,012 shares were traded during trading, a decline of 55% from the average session volume of 419,373 shares. The stock had previously closed at $42.54.

Analyst Ratings Changes

Several equities analysts recently issued reports on SLNO shares. Robert W. Baird restated an "outperform" rating and issued a $72.00 target price on shares of Soleno Therapeutics in a report on Monday, December 2nd. HC Wainwright restated a "buy" rating and set a $70.00 target price on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Stifel Nicolaus reaffirmed a "buy" rating and set a $74.00 target price on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Oppenheimer boosted their price target on Soleno Therapeutics from $65.00 to $73.00 and gave the company an "outperform" rating in a research note on Monday, October 28th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $67.00 price objective on shares of Soleno Therapeutics in a research report on Friday, September 20th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Soleno Therapeutics currently has a consensus rating of "Buy" and a consensus price target of $74.83.

Soleno Therapeutics Stock Up 14.2 %

The stock has a market cap of $2.09 billion, a price-to-earnings ratio of -14.63 and a beta of -1.47. The stock has a 50 day simple moving average of $49.45 and a 200 day simple moving average of $49.42.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.61) by ($1.22). Equities analysts expect that Soleno Therapeutics, Inc. will post -3.7 earnings per share for the current year.

Insider Activity

In related news, CEO Bhatnagar Anish sold 10,937 shares of the company's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total transaction of $496,649.17. Following the completion of the sale, the chief executive officer now owns 708,616 shares in the company, valued at approximately $32,178,252.56. This represents a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kristen Yen sold 2,340 shares of the firm's stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $46.18, for a total value of $108,061.20. Following the transaction, the insider now owns 76,605 shares in the company, valued at approximately $3,537,618.90. This trade represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,360 shares of company stock worth $790,119 over the last three months. 12.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Soleno Therapeutics

Several large investors have recently added to or reduced their stakes in the company. FMR LLC boosted its position in 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. Barclays PLC raised its holdings in Soleno Therapeutics by 149.3% during the 3rd quarter. Barclays PLC now owns 52,545 shares of the company's stock valued at $2,652,000 after acquiring an additional 31,467 shares during the period. Sofinnova Investments Inc. raised its holdings in Soleno Therapeutics by 267.7% during the 2nd quarter. Sofinnova Investments Inc. now owns 554,359 shares of the company's stock valued at $22,618,000 after acquiring an additional 403,584 shares during the period. Samlyn Capital LLC boosted its holdings in shares of Soleno Therapeutics by 128.9% in the second quarter. Samlyn Capital LLC now owns 501,049 shares of the company's stock worth $20,443,000 after acquiring an additional 282,122 shares during the period. Finally, State Street Corp boosted its stake in Soleno Therapeutics by 14.2% in the 3rd quarter. State Street Corp now owns 1,142,169 shares of the company's stock worth $57,668,000 after purchasing an additional 142,033 shares during the period. Hedge funds and other 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.