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

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) gapped down prior to trading on Tuesday . The stock had previously closed at $57.22, but opened at $53.62. Soleno Therapeutics shares last traded at $55.35, with a volume of 150,165 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in 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. Stifel Nicolaus lifted their price target on shares of Soleno Therapeutics from $59.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $67.00 price objective on shares of Soleno Therapeutics in a research report on Friday, September 20th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $70.00 price objective on shares of Soleno Therapeutics in a research note on Monday, November 11th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $74.83.

Soleno Therapeutics Stock Performance

The firm has a market capitalization of $2.41 billion, a P/E ratio of -16.82 and a beta of -1.44. The firm’s 50-day moving average is $53.42 and its 200 day moving average is $48.49.

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

Insider Activity

In related news, insider Kristen Yen sold 3,108 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total transaction of $153,628.44. Following the completion of the transaction, the insider now directly owns 81,465 shares of the company’s stock, valued at approximately $4,026,814.95. This represents a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Bhatnagar Anish sold 21,633 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 719,553 shares in the company, valued at $35,567,504.79. This trade represents a 2.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,818 shares of company stock worth $1,622,194 over the last ninety days. Insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Soleno Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in SLNO. Price T Rowe Associates Inc. MD bought a new position in shares of Soleno Therapeutics in the 1st quarter valued at about $6,533,000. California State Teachers Retirement System increased its position in Soleno Therapeutics by 33.8% during the first quarter. California State Teachers Retirement System now owns 13,780 shares of the company’s stock worth $590,000 after buying an additional 3,481 shares during the last quarter. SG Americas Securities LLC bought a new stake in Soleno Therapeutics in the second quarter valued at approximately $569,000. Assenagon Asset Management S.A. acquired a new stake in shares of Soleno Therapeutics in the second quarter valued at approximately $29,778,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Soleno Therapeutics in the second quarter valued at approximately $3,623,000. 97.42% of the stock is owned by institutional investors.

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.