Soleno Therapeutics (NASDAQ:SLNO) Shares Up 5.6%

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shot up 5.6% on Tuesday . The company traded as high as $44.06 and last traded at $44.00. 97,613 shares were traded during mid-day trading, a decline of 68% from the average session volume of 301,848 shares. The stock had previously closed at $41.67.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SLNO. Stifel Nicolaus began coverage on Soleno Therapeutics in a research note on Tuesday, January 23rd. They issued a “buy” rating and a $63.00 target price on the stock. Piper Sandler assumed coverage on Soleno Therapeutics in a research note on Monday, February 5th. They issued an “overweight” rating and a $93.00 target price on the stock. Finally, Oppenheimer increased their price objective on Soleno Therapeutics from $44.00 to $47.00 and gave the company an “outperform” rating in a research report on Tuesday, January 2nd. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $55.60.

Soleno Therapeutics Stock Performance

The firm has a 50-day moving average of $46.35 and a 200-day moving average of $34.02. The firm has a market capitalization of $1.39 billion, a P/E ratio of -14.41 and a beta of -1.53.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings results on Wednesday, March 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Equities analysts anticipate that Soleno Therapeutics, Inc. will post -1.23 EPS for the current fiscal year.

Insider Activity

In other news, CEO Bhatnagar Anish sold 2,527 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $48.30, for a total transaction of $122,054.10. Following the transaction, the chief executive officer now directly owns 171,770 shares of the company’s stock, valued at $8,296,491. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 23.70% of the stock is currently owned by company insiders.

Institutional Trading of Soleno Therapeutics

Several institutional investors have recently made changes to their positions in SLNO. Vivo Capital LLC lifted its stake in shares of Soleno Therapeutics by 162.8% in the 4th quarter. Vivo Capital LLC now owns 8,418,093 shares of the company’s stock valued at $338,828,000 after purchasing an additional 5,215,000 shares during the last quarter. Nantahala Capital Management LLC lifted its stake in shares of Soleno Therapeutics by 627.9% in the 4th quarter. Nantahala Capital Management LLC now owns 2,856,351 shares of the company’s stock valued at $114,968,000 after purchasing an additional 2,463,947 shares during the last quarter. Perceptive Advisors LLC bought a new stake in shares of Soleno Therapeutics in the 2nd quarter valued at approximately $9,471,000. Worth Venture Partners LLC bought a new stake in shares of Soleno Therapeutics in the 1st quarter valued at approximately $377,000. Finally, Adage Capital Partners GP L.L.C. bought a new stake in shares of Soleno Therapeutics in the 3rd quarter valued at approximately $39,160,000. 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.