Soleno Therapeutics (NASDAQ:SLNO) Trading Down 6.1%

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) were down 6.1% on Friday . The company traded as low as $44.11 and last traded at $44.73. Approximately 97,511 shares traded hands during trading, a decline of 73% from the average daily volume of 358,594 shares. The stock had previously closed at $47.64.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Stifel Nicolaus started coverage on shares of Soleno Therapeutics in a research note on Tuesday, January 23rd. They issued a “buy” rating and a $63.00 target price on the stock. Robert W. Baird began coverage on Soleno Therapeutics in a research report on Friday. They issued an “outperform” rating and a $72.00 target price for the company. Finally, Piper Sandler began coverage on Soleno Therapeutics in a report on Monday, February 5th. They set an “overweight” rating and a $93.00 target price on the stock. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Soleno Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $58.33.

Soleno Therapeutics Stock Performance

The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -15.15 and a beta of -1.51. The company’s fifty day simple moving average is $42.49 and its two-hundred day simple moving average is $39.21.

Soleno Therapeutics (NASDAQ:SLNO) last announced its quarterly earnings data 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). Sell-side analysts anticipate that Soleno Therapeutics, Inc. will post -1.23 EPS for the current year.

Insider Buying and Selling

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 18,980 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $41.34, for a total transaction of $784,633.20. Following the completion of the sale, the chief executive officer now owns 152,790 shares in the company, valued at $6,316,338.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Bhatnagar Anish sold 18,980 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $41.34, for a total transaction of $784,633.20. Following the completion of the transaction, the chief executive officer now directly owns 152,790 shares in the company, valued at approximately $6,316,338.60. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO James H. Mackaness sold 5,175 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $41.34, for a total transaction of $213,934.50. Following the transaction, the chief financial officer now directly owns 62,953 shares of the company’s stock, valued at approximately $2,602,477.02. The disclosure for this sale can be found here. Insiders have sold 776,373 shares of company stock worth $36,940,260 over the last ninety days. 28.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SLNO. Vivo Capital LLC increased its position in shares of Soleno Therapeutics by 162.8% in the fourth quarter. Vivo Capital LLC now owns 8,418,093 shares of the company’s stock worth $338,828,000 after acquiring an additional 5,215,000 shares in the last quarter. Carlyle Group Inc. grew its holdings in shares of Soleno Therapeutics by 24.6% during the 4th quarter. Carlyle Group Inc. now owns 2,857,804 shares of the company’s stock worth $115,039,000 after purchasing an additional 564,242 shares in the last quarter. Walleye Capital LLC bought a new stake in shares of Soleno Therapeutics during the third quarter valued at approximately $1,365,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Soleno Therapeutics in the third quarter valued at $685,000. Finally, Silverarc Capital Management LLC bought a new position in Soleno Therapeutics in the third quarter worth $10,919,000. 97.42% of the stock is owned by institutional investors and hedge funds.

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.