Soleno Therapeutics (NASDAQ:SLNO) Reaches New 1-Year High Following Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s share price hit a new 52-week high during trading on Thursday after Cantor Fitzgerald raised their price target on the stock from $67.00 to $123.00. Cantor Fitzgerald currently has an overweight rating on the stock. Soleno Therapeutics traded as high as $70.20 and last traded at $67.31, with a volume of 2375198 shares traded. The stock had previously closed at $48.97.

A number of other equities analysts have also recently issued reports on the stock. Stifel Nicolaus started coverage on shares of Soleno Therapeutics in a research report on Wednesday, March 5th. They issued a “buy” rating and a $74.00 price objective on the stock. Robert W. Baird upped their price target on Soleno Therapeutics from $72.00 to $102.00 and gave the company an “outperform” rating in a research report on Thursday. HC Wainwright reaffirmed a “buy” rating and issued a $70.00 price target on shares of Soleno Therapeutics in a research note on Monday, March 3rd. Finally, Lifesci Capital raised shares of Soleno Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 4th. Five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Soleno Therapeutics has a consensus rating of “Buy” and a consensus target price of $88.40.

Insider Activity at Soleno Therapeutics

In other news, CEO Bhatnagar Anish sold 10,937 shares of Soleno Therapeutics stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total value of $496,649.17. Following the completion of the sale, the chief executive officer now directly owns 708,616 shares in the company, 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 legal filing with the SEC, which is available through this link. Also, insider Kristen Yen sold 2,340 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $46.18, for a total transaction of $108,061.20. Following 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 disclosure for this sale can be found here. In the last three months, insiders have sold 17,360 shares of company stock valued at $790,119. 12.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Soleno Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Corebridge Financial Inc. boosted its position in Soleno Therapeutics by 2.9% in the fourth quarter. Corebridge Financial Inc. now owns 12,720 shares of the company’s stock worth $572,000 after purchasing an additional 357 shares during the last quarter. Summit Investment Advisors Inc. boosted its holdings in shares of Soleno Therapeutics by 24.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,677 shares of the company’s stock worth $120,000 after buying an additional 522 shares during the last quarter. AlphaQuest LLC increased its holdings in Soleno Therapeutics by 1,154.4% during the fourth quarter. AlphaQuest LLC now owns 715 shares of the company’s stock valued at $32,000 after buying an additional 658 shares during the last quarter. US Bancorp DE purchased a new position in shares of Soleno Therapeutics during the 4th quarter worth $34,000. Finally, Alliancebernstein L.P. grew its position in shares of Soleno Therapeutics by 3.5% during the 4th quarter. Alliancebernstein L.P. now owns 23,810 shares of the company’s stock valued at $1,070,000 after acquiring an additional 800 shares during the period. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Soleno Therapeutics Stock Performance

The company has a market capitalization of $3.15 billion, a P/E ratio of -20.61 and a beta of -1.70. The stock has a fifty day moving average of $48.01 and a 200 day moving average of $49.78.

Soleno Therapeutics (NASDAQ:SLNO) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.41). Research analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

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.