Soleno Therapeutics (NASDAQ:SLNO) Stock Price Down 3.4% – What’s Next?

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price dropped 3.4% during trading on Wednesday . The stock traded as low as $48.50 and last traded at $48.40. Approximately 379,566 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 525,409 shares. The stock had previously closed at $50.11.

Analyst Upgrades and Downgrades

SLNO has been the topic of several recent analyst reports. Stifel Nicolaus initiated coverage on Soleno Therapeutics in a report on Wednesday, March 5th. They issued a “buy” rating and a $74.00 target price on the stock. Robert W. Baird reissued an “outperform” rating and issued a $72.00 target price on shares of Soleno Therapeutics in a report on Monday, December 2nd. Lifesci Capital raised Soleno Therapeutics to a “strong-buy” rating in a report on Tuesday, February 4th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $70.00 price objective on shares of Soleno Therapeutics in a report on Monday, March 3rd. Five research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Soleno Therapeutics currently has an average rating of “Buy” and an average price target of $71.20.

Soleno Therapeutics Stock Down 3.6 %

The firm has a fifty day simple moving average of $47.43 and a 200-day simple moving average of $49.77. The company has a market cap of $2.22 billion, a PE ratio of -14.55 and a beta of -1.70.

Soleno Therapeutics (NASDAQ:SLNO) last announced its earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.41). Equities research analysts forecast that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Transactions at Soleno Therapeutics

In other news, insider Kristen Yen sold 2,340 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $46.18, for a total transaction of $108,061.20. Following the completion of the sale, the insider now owns 76,605 shares in the company, valued at approximately $3,537,618.90. This represents a 2.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James H. Mackaness sold 4,083 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total transaction of $185,409.03. Following the sale, the chief financial officer now 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. Over the last quarter, insiders sold 17,360 shares of company stock worth $790,119. Company insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. AlphaQuest LLC lifted its position in Soleno Therapeutics by 1,154.4% in the fourth quarter. AlphaQuest LLC now owns 715 shares of the company’s stock valued at $32,000 after purchasing an additional 658 shares during the period. US Bancorp DE acquired a new stake in Soleno Therapeutics in the fourth quarter valued at about $34,000. Avanza Fonder AB acquired a new stake in Soleno Therapeutics in the fourth quarter valued at about $76,000. Springhill Fund Asset Management HK Co Ltd acquired a new stake in Soleno Therapeutics in the fourth quarter valued at about $81,000. Finally, Avior Wealth Management LLC acquired a new stake in Soleno Therapeutics in the fourth quarter valued at about $89,000. 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.