Short Interest in Soleno Therapeutics, Inc. (NASDAQ:SLNO) Decreases By 23.2%

Soleno Therapeutics, Inc. (NASDAQ:SLNO) was the recipient of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 4,740,000 shares, a drop of 23.2% from the October 31st total of 6,170,000 shares. Currently, 14.8% of the shares of the company are short sold. Based on an average daily trading volume, of 654,000 shares, the short-interest ratio is currently 7.2 days.

Insider Transactions at Soleno Therapeutics

In other news, CFO James H. Mackaness sold 8,077 shares of the firm’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 $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. This trade represents a 6.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kristen Yen sold 3,108 shares of Soleno Therapeutics 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 transaction, the insider now owns 81,465 shares in the company, valued at approximately $4,026,814.95. This trade represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,818 shares of company stock worth $1,622,194 in the last ninety days. Insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of SLNO. Assenagon Asset Management S.A. purchased a new stake in Soleno Therapeutics in the 2nd quarter valued at about $29,778,000. Janus Henderson Group PLC raised its stake in shares of Soleno Therapeutics by 21.5% during the third quarter. Janus Henderson Group PLC now owns 4,081,099 shares of the company’s stock valued at $206,016,000 after acquiring an additional 722,226 shares in the last quarter. Nantahala Capital Management LLC boosted 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 valued at $125,750,000 after purchasing an additional 671,728 shares during the period. FMR LLC boosted its holdings in shares of Soleno Therapeutics by 6,048,754.5% in the third quarter. FMR LLC now owns 665,374 shares of the company’s stock valued at $33,595,000 after purchasing an additional 665,363 shares during the period. Finally, Westfield Capital Management Co. LP bought a new position in Soleno Therapeutics in the third quarter worth approximately $25,028,000. Hedge funds and other institutional investors own 97.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SLNO. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $67.00 price objective on shares of Soleno Therapeutics in a 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 note on Tuesday, October 1st. Oppenheimer boosted their target price on Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th. Finally, HC Wainwright restated a “buy” rating and set a $70.00 price target on shares of Soleno Therapeutics in a report on Monday, November 11th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Soleno Therapeutics currently has an average rating of “Buy” and an average price target of $74.83.

Soleno Therapeutics Stock Down 4.3 %

NASDAQ:SLNO opened at $55.84 on Friday. The business has a 50 day simple moving average of $53.48 and a 200-day simple moving average of $48.54. Soleno Therapeutics has a 1 year low of $26.38 and a 1 year high of $60.92.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($1.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). Research analysts anticipate that Soleno Therapeutics will post -3.76 EPS for the current fiscal year.

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.