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

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price fell 2.5% during trading on Monday following insider selling activity. The stock traded as low as $45.28 and last traded at $45.28. 6,739 shares traded hands during trading, a decline of 98% from the average session volume of 352,929 shares. The stock had previously closed at $46.46.

Specifically, CEO Bhatnagar Anish sold 10,937 shares of Soleno Therapeutics stock in a transaction that occurred on Thursday, January 2nd. The stock was 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. The trade was a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James H. Mackaness sold 4,083 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total value 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. The trade was a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, insider Kristen Yen sold 2,340 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $46.18, for a total value of $108,061.20. Following the completion of the sale, the insider now owns 76,605 shares in the company, valued at $3,537,618.90. This represents a 2.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Analyst Upgrades and Downgrades

SLNO has been the topic of several analyst reports. Oppenheimer boosted their price target on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. HC Wainwright reaffirmed a “buy” rating and issued a $70.00 target price on shares of Soleno Therapeutics in a report on Monday, December 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $67.00 price target on shares of Soleno Therapeutics in a research report on Friday, September 20th. Robert W. Baird reissued an “outperform” rating and issued a $72.00 price objective on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $74.00 target price on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $74.83.

Soleno Therapeutics Stock Down 3.7 %

The firm has a market capitalization of $1.92 billion, a PE ratio of -13.41 and a beta of -1.47. The stock has a 50-day simple moving average of $50.85 and a 200-day simple moving average of $49.31.

Soleno Therapeutics (NASDAQ:SLNO) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($1.83) earnings per share for the quarter, missing the consensus estimate of ($0.61) by ($1.22). Equities analysts forecast that Soleno Therapeutics, Inc. will post -3.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Soleno Therapeutics

A number of large investors have recently made changes to their positions in the stock. Janus Henderson Group PLC lifted its holdings in Soleno Therapeutics by 21.5% during the 3rd quarter. Janus Henderson Group PLC now owns 4,081,099 shares of the company’s stock worth $206,016,000 after purchasing an additional 722,226 shares in the last quarter. Perceptive Advisors LLC increased its position in shares of Soleno Therapeutics by 4.2% during the second quarter. Perceptive Advisors LLC now owns 3,204,976 shares of the company’s stock valued at $130,763,000 after buying an additional 130,434 shares during the period. Nantahala Capital Management LLC lifted its holdings in shares of Soleno Therapeutics by 27.9% in the second quarter. Nantahala Capital Management LLC now owns 3,082,107 shares of the company’s stock worth $125,750,000 after buying an additional 671,728 shares in the last quarter. Avoro Capital Advisors LLC boosted its position in shares of Soleno Therapeutics by 28.7% in the second quarter. Avoro Capital Advisors LLC now owns 2,091,666 shares of the company’s stock valued at $85,340,000 after acquiring an additional 466,666 shares during the period. Finally, State Street Corp grew its stake in Soleno Therapeutics by 14.2% during the third quarter. State Street Corp now owns 1,142,169 shares of the company’s stock valued at $57,668,000 after acquiring an additional 142,033 shares in the last quarter. 97.42% of the stock is owned by institutional investors.

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.