Soleno Therapeutics (NASDAQ:SLNO) Stock Price Down 5.4%

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares were down 5.4% during trading on Tuesday . The stock traded as low as $39.41 and last traded at $40.00. Approximately 224,568 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 403,751 shares. The stock had previously closed at $42.29.

Analyst Ratings Changes

Several equities research analysts recently commented on SLNO shares. Robert W. Baird started coverage on shares of Soleno Therapeutics in a research report on Friday, May 10th. They issued an “outperform” rating and a $72.00 price objective on the stock. Baird R W raised shares of Soleno Therapeutics to a “strong-buy” rating in a research report on Friday, May 10th. Finally, Oppenheimer cut their price target on shares of Soleno Therapeutics from $65.00 to $59.00 and set an “outperform” rating on the stock in a research report on Monday, May 13th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $60.33.

Soleno Therapeutics Stock Performance

The firm’s 50-day simple moving average is $43.34 and its 200 day simple moving average is $43.31.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.29). On average, sell-side analysts anticipate that Soleno Therapeutics, Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Transactions at Soleno Therapeutics

In other news, major shareholder Vivo Opportunity, Llc sold 750,000 shares of the business’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $47.80, for a total transaction of $35,850,000.00. Following the transaction, the insider now directly owns 7,668,093 shares in the company, valued at approximately $366,534,845.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Vivo Opportunity, Llc sold 750,000 shares of the business’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $47.80, for a total transaction of $35,850,000.00. Following the transaction, the insider now directly owns 7,668,093 shares in the company, valued at approximately $366,534,845.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kristen Yen sold 2,170 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $41.54, for a total transaction of $90,141.80. Following the transaction, the insider now owns 21,252 shares in the company, valued at $882,808.08. The disclosure for this sale can be found here. Insiders have sold 778,616 shares of company stock worth $37,038,709 in the last ninety days. Insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cannon Global Investment Management LLC acquired a new position in Soleno Therapeutics in the 1st quarter valued at about $505,000. Aspiriant LLC acquired a new position in Soleno Therapeutics in the 4th quarter valued at about $488,000. Sei Investments Co. grew its stake in Soleno Therapeutics by 22.0% in the 1st quarter. Sei Investments Co. now owns 12,577 shares of the company’s stock valued at $538,000 after buying an additional 2,264 shares during the last quarter. California State Teachers Retirement System grew its stake in Soleno Therapeutics by 33.8% in the 1st quarter. California State Teachers Retirement System now owns 13,780 shares of the company’s stock valued at $590,000 after buying an additional 3,481 shares during the last quarter. Finally, Swiss National Bank acquired a new position in Soleno Therapeutics in the 4th quarter valued at about $918,000. Institutional investors and hedge funds 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.