Soleno Therapeutics (NASDAQ:SLNO) Trading Down 9.4% - Time to Sell?

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report)'s share price was down 9.4% during trading on Tuesday . The stock traded as low as $62.83 and last traded at $63.11. Approximately 1,466,966 shares changed hands during mid-day trading, an increase of 116% from the average daily volume of 679,784 shares. The stock had previously closed at $69.64.

Wall Street Analysts Forecast Growth

SLNO has been the topic of a number of recent analyst reports. UBS Group set a $105.00 price target on shares of Soleno Therapeutics 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. Guggenheim restated a "buy" rating and issued a $81.00 price objective (up from $70.00) on shares of Soleno Therapeutics in a research note on Friday, March 28th. Laidlaw upped 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. Finally, Stifel Nicolaus raised their price target on shares of Soleno Therapeutics from $74.00 to $108.00 and gave the stock a "buy" rating in a research report on Friday, March 28th. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $99.63.

Soleno Therapeutics Trading Up 6.9 %

The firm has a market cap of $3.08 billion, a PE ratio of -20.25 and a beta of -2.29. The company has a 50-day simple moving average of $53.20 and a 200 day simple moving average of $51.38.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last announced its quarterly 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). On average, equities analysts expect that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Insider Activity

In other news, VP Michael F. Huang sold 14,583 shares of Soleno Therapeutics stock in a transaction dated Thursday, March 27th. The shares were 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 in the company, valued at $2,559,149.67. This trade represents a 28.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Patricia C. Hirano sold 3,782 shares of the company's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $70.11, for a total transaction of $265,156.02. Following the transaction, the insider now owns 27,036 shares of the company's stock, valued at approximately $1,895,493.96. This trade represents a 12.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 942,672 shares of company stock worth $64,058,781 in the last ninety days. Company insiders own 12.30% of the company's stock.

Institutional Investors Weigh In On Soleno Therapeutics

Several large investors have recently bought and sold shares of SLNO. AlphaQuest LLC lifted its position in shares of Soleno Therapeutics by 1,154.4% in the fourth quarter. AlphaQuest LLC now owns 715 shares of the company's stock valued at $32,000 after acquiring an additional 658 shares in the last quarter. US Bancorp DE acquired a new position in Soleno Therapeutics in the 4th quarter valued at $34,000. Avanza Fonder AB purchased a new position in Soleno Therapeutics in the 4th quarter valued at $76,000. Springhill Fund Asset Management HK Co Ltd acquired a new stake in Soleno Therapeutics during the 4th quarter worth $81,000. Finally, Avior Wealth Management LLC purchased a new stake in shares of Soleno Therapeutics during the fourth quarter worth $89,000. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

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.