Soleno Therapeutics (NASDAQ:SLNO) Reaches New 1-Year High – Time to Buy?

Soleno Therapeutics, Inc. (NASDAQ:SLNO) reached a new 52-week high on Wednesday . The company traded as high as $58.68 and last traded at $57.37, with a volume of 13622 shares traded. The stock had previously closed at $56.39.

Analyst Upgrades and Downgrades

SLNO has been the topic of a number of recent research reports. HC Wainwright initiated coverage on Soleno Therapeutics in a research report on Tuesday, September 3rd. They set a “buy” rating and a $70.00 price objective on the stock. Stifel Nicolaus increased their price target on Soleno Therapeutics from $59.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Oppenheimer increased their price target on Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $67.00 price target on shares of Soleno Therapeutics in a report on Friday, September 20th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $69.86.

Soleno Therapeutics Stock Performance

The company has a 50 day simple moving average of $51.50 and a 200 day simple moving average of $47.17. The company has a market capitalization of $2.21 billion, a PE ratio of -23.11 and a beta of -1.44.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.06. As a group, equities research analysts anticipate that Soleno Therapeutics, Inc. will post -2.29 EPS for the current year.

Insider Activity

In related news, insider Kristen Yen sold 3,108 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total transaction of $153,628.44. Following the transaction, the insider now owns 81,465 shares of the company’s stock, valued at $4,026,814.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Bhatnagar Anish sold 56,613 shares of Soleno Therapeutics stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $47.58, for a total transaction of $2,693,646.54. Following the transaction, the chief executive officer now owns 799,577 shares in the company, valued at approximately $38,043,873.66. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kristen Yen sold 3,108 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $153,628.44. Following the completion of the sale, the insider now owns 81,465 shares in the company, valued at approximately $4,026,814.95. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 701,362 shares of company stock worth $33,970,517. Corporate insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

A number of institutional investors have recently modified their holdings of SLNO. Amalgamated Bank acquired a new stake in Soleno Therapeutics during the second quarter valued at approximately $31,000. Curi RMB Capital LLC acquired a new position in Soleno Therapeutics in the 3rd quarter valued at approximately $202,000. Victory Capital Management Inc. increased its stake in shares of 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 purchasing an additional 2,236 shares during the last quarter. Sei Investments Co. boosted its holdings 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 purchasing an additional 2,264 shares during the period. Finally, SG Americas Securities LLC bought a new stake in Soleno Therapeutics in the 2nd quarter valued at $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.