Soleno Therapeutics (NASDAQ:SLNO) Sets New 1-Year High – Here’s Why

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $60.92 and last traded at $59.36, with a volume of 25399 shares changing hands. The stock had previously closed at $57.78.

Wall Street Analyst Weigh In

Several research firms have weighed in on SLNO. HC Wainwright reaffirmed a “buy” rating and issued a $70.00 price target on shares of Soleno Therapeutics in a report on Monday, November 11th. Stifel Nicolaus boosted their price objective on shares of 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 target price on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $67.00 target price on shares of Soleno Therapeutics in a research report on Friday, September 20th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Soleno Therapeutics currently has a consensus rating of “Buy” and an average price target of $74.83.

Soleno Therapeutics Trading Up 2.0 %

The business has a fifty day moving average of $53.38 and a 200-day moving average of $48.43.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings results 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). As a group, equities analysts forecast that Soleno Therapeutics, Inc. will post -3.76 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Kristen Yen sold 3,108 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $153,628.44. Following the sale, the insider now owns 81,465 shares in the company, valued at approximately $4,026,814.95. The trade was a 3.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO James H. Mackaness sold 8,077 shares of the business’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 $399,246.11. Following the sale, the chief financial officer now directly owns 119,172 shares in the company, valued at $5,890,671.96. The trade was a 6.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 132,818 shares of company stock valued at $6,344,194 over the last three months. Corporate insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

Several institutional investors have recently bought and sold shares of SLNO. Sei Investments Co. increased its holdings in shares of Soleno Therapeutics by 22.0% in the 1st quarter. Sei Investments Co. now owns 12,577 shares of the company’s stock worth $538,000 after purchasing an additional 2,264 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new position in Soleno Therapeutics in the 1st quarter worth about $6,533,000. California State Teachers Retirement System lifted its stake in Soleno Therapeutics by 33.8% during the 1st quarter. California State Teachers Retirement System now owns 13,780 shares of the company’s stock valued at $590,000 after acquiring an additional 3,481 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Soleno Therapeutics during the 2nd quarter valued at about $569,000. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Soleno Therapeutics in the second quarter worth approximately $29,778,000. 97.42% of the stock is owned by hedge funds and other 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.