Soleno Therapeutics (NASDAQ:SLNO) Trading Down 5% – Here’s Why

Soleno Therapeutics, Inc. (NASDAQ:SLNO) dropped 5% during trading on Wednesday . The stock traded as low as $55.40 and last traded at $55.42. Approximately 155,249 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 474,046 shares. The stock had previously closed at $58.34.

Analysts Set New Price Targets

SLNO has been the subject of several research reports. Oppenheimer raised their price target on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a research note on Monday, October 28th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $67.00 target price on shares of Soleno Therapeutics in a research report on Friday, September 20th. Stifel Nicolaus boosted their price target on shares of Soleno Therapeutics from $59.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Finally, HC Wainwright restated a “buy” rating and issued a $70.00 price objective on shares of Soleno Therapeutics in a report on Monday, November 11th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Soleno Therapeutics has a consensus rating of “Buy” and a consensus price target of $74.83.

Soleno Therapeutics Price Performance

The business’s 50-day moving average price is $53.38 and its 200 day moving average price is $48.43.

Soleno Therapeutics (NASDAQ:SLNO) last issued its earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.61) by ($1.22). On average, sell-side analysts expect that Soleno Therapeutics, Inc. will post -3.76 earnings per share for the current year.

Insider Buying and Selling at Soleno Therapeutics

In related news, CEO Bhatnagar Anish sold 21,633 shares of Soleno Therapeutics stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total transaction of $1,069,319.19. Following the completion of the sale, the chief executive officer now directly owns 719,553 shares of the company’s stock, valued at approximately $35,567,504.79. This trade represents a 2.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Vivo Opportunity, Llc sold 100,000 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $47.22, for a total value of $4,722,000.00. Following the completion of the sale, the insider now owns 6,291,851 shares of the company’s stock, valued at $297,101,204.22. This trade represents a 1.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 132,818 shares of company stock valued at $6,344,194 in the last quarter. 12.30% of the stock is currently owned by insiders.

Institutional Trading of Soleno Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Virtu Financial LLC bought a new stake in shares of Soleno Therapeutics in the third quarter valued at approximately $490,000. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Soleno Therapeutics during the 3rd quarter valued at $656,000. Geode Capital Management LLC grew its holdings in shares of Soleno Therapeutics by 10.5% during the 3rd quarter. Geode Capital Management LLC now owns 540,296 shares of the company’s stock worth $27,286,000 after purchasing an additional 51,189 shares in the last quarter. Barclays PLC increased its position in shares of Soleno Therapeutics by 149.3% in the third quarter. Barclays PLC now owns 52,545 shares of the company’s stock worth $2,652,000 after purchasing an additional 31,467 shares during the period. Finally, Wellington Management Group LLP raised its stake in Soleno Therapeutics by 73.8% in the third quarter. Wellington Management Group LLP now owns 683,170 shares of the company’s stock valued at $34,493,000 after purchasing an additional 290,135 shares in the last quarter. 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.