Soleno Therapeutics (NASDAQ:SLNO) Reaches New 52-Week High – Here’s Why

by · The Markets Daily

Soleno Therapeutics, Inc. (NASDAQ:SLNO – Get Free Report)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $58.68 and last traded at $57.37, with a volume of 13622 shares. The stock had previously closed at $56.39.

Analyst Ratings Changes

Several brokerages have recently issued reports on SLNO. Oppenheimer lifted their price objective 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. HC Wainwright initiated coverage on shares of Soleno Therapeutics in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $70.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $67.00 price objective on shares of Soleno Therapeutics in a research report on Friday, September 20th. Finally, Stifel Nicolaus raised their price objective on Soleno Therapeutics from $59.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Soleno Therapeutics presently has an average rating of “Buy” and a consensus target price of $69.86.

Check Out Our Latest Analysis on SLNO

Soleno Therapeutics Trading Up 0.4 %

The business has a fifty day moving average price of $51.91 and a two-hundred day moving average price of $47.31. The company has a market cap of $2.22 billion, a price-to-earnings ratio of -23.41 and a beta of -1.44.

Soleno Therapeutics (NASDAQ:SLNO – Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.57) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.06. On average, analysts anticipate that Soleno Therapeutics, Inc. will post -2.29 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Bhatnagar Anish sold 56,613 shares of Soleno Therapeutics stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $47.58, for a total value of $2,693,646.54. Following the transaction, the chief executive officer now owns 799,577 shares of the company’s stock, valued at $38,043,873.66. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 56,613 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $47.58, for a total value of $2,693,646.54. Following the sale, the chief executive officer now owns 799,577 shares of the company’s stock, valued at $38,043,873.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $48.73, for a total transaction of $24,365,000.00. Following the completion of the sale, the insider now owns 6,816,851 shares in the company, valued at approximately $332,185,149.23. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 701,362 shares of company stock valued at $33,970,517 over the last quarter. Insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLNO. Amalgamated Bank acquired a new stake in Soleno Therapeutics in the 2nd quarter valued at $31,000. Curi RMB Capital LLC acquired a new position in Soleno Therapeutics during the third quarter worth $202,000. Victory Capital Management Inc. lifted its holdings in shares of Soleno Therapeutics by 26.3% during the second quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock valued at $438,000 after acquiring an additional 2,236 shares during the period. Sei Investments Co. boosted its stake 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 valued at $538,000 after purchasing an additional 2,264 shares in the last quarter. Finally, California State Teachers Retirement System grew its holdings in shares of Soleno Therapeutics by 33.8% in the 1st quarter. California State Teachers Retirement System now owns 13,780 shares of the company’s stock worth $590,000 after purchasing an additional 3,481 shares during the last quarter. Institutional investors own 97.42% of the company’s stock.

Soleno Therapeutics Company Profile

(Get Free Report)

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.

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