Soleno Therapeutics (NASDAQ:SLNO) Shares Down 5% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SLNO shares. Stifel Nicolaus increased 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. Oppenheimer increased their target price on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th. HC Wainwright restated a “buy” rating and issued a $70.00 price target on shares of Soleno Therapeutics in a research report on Monday, November 11th. Finally, 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. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Soleno Therapeutics presently has an average rating of “Buy” and an average target price of $74.83.

Soleno Therapeutics Stock Down 4.3 %

The business’s fifty day moving average is $53.38 and its two-hundred day moving average is $48.43.

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

Insider Buying and Selling at Soleno Therapeutics

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 21,633 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total value of $1,069,319.19. Following the completion of the transaction, the chief executive officer now directly owns 719,553 shares of the company’s stock, valued at approximately $35,567,504.79. The trade was a 2.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kristen Yen sold 3,108 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total value of $153,628.44. Following the completion of the sale, the insider now owns 81,465 shares of the company’s stock, valued at $4,026,814.95. This trade represents a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 132,818 shares of company stock valued at $6,344,194. 12.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Soleno Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank acquired a new stake in Soleno Therapeutics during the 2nd quarter worth approximately $31,000. Victory Capital Management Inc. increased its position 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 worth $438,000 after acquiring an additional 2,236 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Soleno Therapeutics by 22.0% during the first quarter. Sei Investments Co. now owns 12,577 shares of the company’s stock worth $538,000 after acquiring an additional 2,264 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Soleno Therapeutics in the 3rd quarter valued at $155,000. Finally, The Manufacturers Life Insurance Company boosted its stake in Soleno Therapeutics by 6.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 52,634 shares of the company’s stock worth $2,657,000 after purchasing an additional 3,226 shares during the period. 97.42% of the stock is currently 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.