Soleno Therapeutics (NASDAQ:SLNO) Shares Down 2.5% After Insider Selling

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares dropped 2.5% during mid-day trading on Monday following insider selling activity. The company traded as low as $45.28 and last traded at $45.28. Approximately 6,739 shares changed hands during trading, a decline of 98% from the average daily volume of 352,929 shares. The stock had previously closed at $46.46.

Specifically, CEO Bhatnagar Anish sold 10,937 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total transaction of $496,649.17. Following the transaction, the chief executive officer now owns 708,616 shares of the company’s stock, valued at $32,178,252.56. This trade represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO James H. Mackaness sold 4,083 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total transaction of $185,409.03. Following the completion of the sale, the chief financial officer now directly owns 115,089 shares of the company’s stock, valued at $5,226,191.49. This trade represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. In other news, insider Kristen Yen sold 2,340 shares of Soleno Therapeutics stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $46.18, for a total value of $108,061.20. Following the completion of the transaction, the insider now owns 76,605 shares in the company, valued at approximately $3,537,618.90. This trade represents a 2.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $67.00 target price on shares of Soleno Therapeutics in a research report on Friday, September 20th. Stifel Nicolaus reiterated a “buy” rating and set a $74.00 price target on shares of Soleno Therapeutics in a report on Monday, December 2nd. Robert W. Baird reissued an “outperform” rating and issued a $72.00 price target on shares of Soleno Therapeutics in a report on Monday, December 2nd. HC Wainwright restated a “buy” rating and set a $70.00 price target on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Finally, Oppenheimer raised their price target on Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $74.83.

Soleno Therapeutics Stock Performance

The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of -13.41 and a beta of -1.47. The business has a 50 day moving average of $50.85 and a two-hundred day moving average of $49.31.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($1.83) EPS for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). On average, equities analysts predict that Soleno Therapeutics, Inc. will post -3.7 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SLNO. Bank of New York Mellon Corp bought a new stake in shares of Soleno Therapeutics during the second quarter valued at approximately $3,623,000. Rhumbline Advisers bought a new position in Soleno Therapeutics in the 2nd quarter worth $1,189,000. TD Asset Management Inc raised its position in shares of Soleno Therapeutics by 174.0% during the 2nd quarter. TD Asset Management Inc now owns 57,534 shares of the company’s stock valued at $2,347,000 after purchasing an additional 36,534 shares during the period. Victory Capital Management Inc. raised its stake in Soleno Therapeutics by 26.3% during the 2nd quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock valued at $438,000 after purchasing an additional 2,236 shares during the period. Finally, Sofinnova Investments Inc. lifted its stake in Soleno Therapeutics by 267.7% in the 2nd quarter. Sofinnova Investments Inc. now owns 554,359 shares of the company’s stock worth $22,618,000 after purchasing an additional 403,584 shares in the last quarter. Hedge funds and other 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.