Soleno Therapeutics (NASDAQ:SLNO) Hits New 1-Year High – What’s Next?

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SLNO shares. HC Wainwright reissued a “buy” rating and issued a $70.00 price objective on shares of Soleno Therapeutics in a research report on Monday, November 11th. Cantor Fitzgerald reissued an “overweight” rating and issued a $67.00 price target on shares of Soleno Therapeutics in a report on Friday, September 20th. 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. Finally, Oppenheimer upped their price objective on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a research report on Monday, October 28th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $74.83.

Soleno Therapeutics Stock Down 0.4 %

The company’s fifty day simple moving average is $53.18 and its 200-day simple moving average is $48.27.

Soleno Therapeutics (NASDAQ:SLNO) last posted its earnings results 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). On average, equities research analysts forecast that Soleno Therapeutics, Inc. will post -3.76 earnings per share for the current fiscal year.

Insider Transactions at Soleno Therapeutics

In other news, major shareholder Vivo Opportunity, Llc sold 100,000 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 6,291,851 shares of the company’s stock, valued at approximately $297,101,204.22. This represents a 1.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kristen Yen sold 5,270 shares of the stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $47.58, for a total transaction of $250,746.60. Following the sale, the insider now owns 90,008 shares of the company’s stock, valued at $4,282,580.64. This trade represents a 5.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 701,362 shares of company stock valued at $33,970,517. Corporate insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SLNO. Janus Henderson Group PLC raised its position in Soleno Therapeutics by 21.5% in the 3rd quarter. Janus Henderson Group PLC now owns 4,081,099 shares of the company’s stock valued at $206,016,000 after purchasing an additional 722,226 shares during the last quarter. Perceptive Advisors LLC raised its holdings in shares of Soleno Therapeutics by 4.2% in the second quarter. Perceptive Advisors LLC now owns 3,204,976 shares of the company’s stock valued at $130,763,000 after buying an additional 130,434 shares during the last quarter. Nantahala Capital Management LLC raised 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 buying an additional 671,728 shares during the last quarter. Avoro Capital Advisors LLC lifted its position in Soleno Therapeutics by 28.7% during the 2nd quarter. Avoro Capital Advisors LLC now owns 2,091,666 shares of the company’s stock worth $85,340,000 after buying an additional 466,666 shares in the last quarter. Finally, State Street Corp grew its holdings in Soleno Therapeutics by 14.2% during the 3rd quarter. State Street Corp now owns 1,142,169 shares of the company’s stock worth $57,668,000 after acquiring an additional 142,033 shares during the last quarter. 97.42% of the stock is owned by institutional investors and hedge funds.

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.