Soleno Therapeutics (NASDAQ:SLNO) Shares Up 3.4%

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price shot up 3.4% during trading on Monday . The stock traded as high as $38.63 and last traded at $38.39. 35,247 shares were traded during trading, a decline of 88% from the average session volume of 297,940 shares. The stock had previously closed at $37.14.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Stifel Nicolaus began coverage on Soleno Therapeutics in a report on Tuesday, January 23rd. They issued a “buy” rating and a $63.00 price target on the stock. Oppenheimer boosted their price target on shares of Soleno Therapeutics from $44.00 to $47.00 and gave the company an “outperform” rating in a report on Tuesday, January 2nd. Finally, Piper Sandler started coverage on shares of Soleno Therapeutics in a report on Monday, February 5th. They issued an “overweight” rating and a $93.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Soleno Therapeutics currently has an average rating of “Buy” and a consensus price target of $55.60.

Soleno Therapeutics Stock Performance

The company’s 50 day simple moving average is $44.57 and its 200 day simple moving average is $37.11.

Soleno Therapeutics (NASDAQ:SLNO) last announced its earnings results on Wednesday, March 6th. The company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Equities research analysts forecast that Soleno Therapeutics, Inc. will post -1.23 earnings per share for the current year.

Insider Transactions at Soleno Therapeutics

In related news, CEO Bhatnagar Anish sold 18,980 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $41.34, for a total transaction of $784,633.20. Following the completion of the transaction, the chief executive officer now owns 152,790 shares of the company’s stock, valued at $6,316,338.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Bhatnagar Anish sold 18,980 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $41.34, for a total transaction of $784,633.20. Following the completion of the sale, the chief executive officer now directly owns 152,790 shares of the company’s stock, valued at $6,316,338.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO James H. Mackaness sold 5,175 shares of Soleno Therapeutics stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $41.34, for a total transaction of $213,934.50. Following the completion of the transaction, the chief financial officer now owns 62,953 shares in the company, valued at approximately $2,602,477.02. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,297 shares of company stock valued at $1,231,489. Corporate insiders own 28.80% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of SLNO. Vivo Capital LLC boosted its position in shares of Soleno Therapeutics by 162.8% in the 4th quarter. Vivo Capital LLC now owns 8,418,093 shares of the company’s stock valued at $338,828,000 after purchasing an additional 5,215,000 shares during the period. Nantahala Capital Management LLC boosted its holdings in shares of Soleno Therapeutics by 627.9% in the fourth quarter. Nantahala Capital Management LLC now owns 2,856,351 shares of the company’s stock worth $114,968,000 after buying an additional 2,463,947 shares during the period. Worth Venture Partners LLC purchased a new position in shares of Soleno Therapeutics in the first quarter worth approximately $377,000. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Soleno Therapeutics during the third quarter valued at approximately $39,160,000. Finally, Vestal Point Capital LP purchased a new stake in shares of Soleno Therapeutics in the 4th quarter valued at approximately $52,325,000. 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.