Soleno Therapeutics, Inc. (NASDAQ:SLNO) Given Consensus Recommendation of “Buy” by Brokerages

Soleno Therapeutics, Inc. (NASDAQ:SLNO) has earned an average recommendation of “Buy” from the eight brokerages that are presently covering the company, MarketBeat reports. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $67.14.

Several brokerages have recently commented on SLNO. HC Wainwright assumed coverage on shares of Soleno Therapeutics in a report on Tuesday, September 3rd. They issued a “buy” rating and a $70.00 target price for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $67.00 price target on shares of Soleno Therapeutics in a report on Wednesday, July 31st. Finally, Oppenheimer lifted their price target on shares of Soleno Therapeutics from $59.00 to $65.00 and gave the stock an “outperform” rating in a report on Monday, August 12th.

Soleno Therapeutics Stock Performance

SLNO opened at $52.79 on Thursday. The firm has a market capitalization of $2.05 billion, a PE ratio of -19.70 and a beta of -1.46. Soleno Therapeutics has a 52-week low of $3.96 and a 52-week high of $54.08. The business’s 50-day simple moving average is $48.05 and its 200 day simple moving average is $44.57.

Soleno Therapeutics (NASDAQ:SLNO) last issued its earnings results on Wednesday, August 7th. The company reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.06. On average, research analysts forecast that Soleno Therapeutics will post -2.28 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Bhatnagar Anish sold 56,613 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $47.58, for a total transaction of $2,693,646.54. Following the completion of the transaction, the chief executive officer now directly owns 799,577 shares in the company, valued at approximately $38,043,873.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO James H. Mackaness sold 6,661 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $47.58, for a total transaction of $316,930.38. Following the completion of the sale, the chief financial officer now directly owns 134,119 shares of the company’s stock, valued at approximately $6,381,382.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Bhatnagar Anish sold 56,613 shares of Soleno Therapeutics stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $47.58, for a total value of $2,693,646.54. Following the sale, the chief executive officer now owns 799,577 shares of the company’s stock, valued at $38,043,873.66. The disclosure for this sale can be found here. Over the last three months, insiders have sold 767,239 shares of company stock worth $36,744,548. Corporate insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank purchased a new stake in Soleno Therapeutics during the second quarter worth $31,000. Victory Capital Management Inc. raised its position in Soleno Therapeutics by 26.3% during the 2nd quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock worth $438,000 after buying an additional 2,236 shares during the last quarter. Cannon Global Investment Management LLC acquired a new position in Soleno Therapeutics during the first quarter valued at $505,000. Sei Investments Co. lifted its holdings in shares of 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 period. Finally, SG Americas Securities LLC purchased a new stake in Soleno Therapeutics in the 2nd quarter worth approximately $569,000. Institutional investors own 97.42% of the company’s stock.

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.