Soleno Therapeutics (NASDAQ:SLNO) Sees Strong Trading Volume – Still a Buy?

Soleno Therapeutics, Inc. (NASDAQ:SLNO) saw unusually-high trading volume on Tuesday . Approximately 1,012,442 shares changed hands during mid-day trading, an increase of 94% from the previous session’s volume of 522,832 shares.The stock last traded at $50.10 and had previously closed at $50.14.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SLNO. Lifesci Capital upgraded shares of Soleno Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 4th. Laidlaw increased their target price on Soleno Therapeutics from $75.00 to $105.00 and gave the company a “buy” rating in a report on Thursday. HC Wainwright reissued a “buy” rating and issued a $70.00 price target on shares of Soleno Therapeutics in a report on Monday, March 3rd. Robert W. Baird lifted their price objective on Soleno Therapeutics from $72.00 to $102.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Cantor Fitzgerald upped their target price on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the company an “overweight” rating in a report on Thursday. Six investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $91.17.

Soleno Therapeutics Price Performance

The stock has a market cap of $3.09 billion, a price-to-earnings ratio of -20.30 and a beta of -1.70. The firm’s 50-day moving average is $48.01 and its 200 day moving average is $49.78.

Soleno Therapeutics (NASDAQ:SLNO) last posted its earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.41). On average, sell-side analysts forecast that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Insider Transactions at Soleno Therapeutics

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 10,937 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total value of $496,649.17. Following the transaction, the chief executive officer now directly owns 708,616 shares of the company’s stock, valued at $32,178,252.56. This represents a 1.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kristen Yen sold 2,340 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $46.18, for a total transaction of $108,061.20. Following the sale, the insider now directly owns 76,605 shares of the company’s stock, valued at $3,537,618.90. The trade was a 2.96 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,360 shares of company stock valued at $790,119. Corporate insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC raised its stake in shares of Soleno Therapeutics by 27.1% in the 4th quarter. Janus Henderson Group PLC now owns 5,188,265 shares of the company’s stock valued at $233,130,000 after purchasing an additional 1,107,166 shares in the last quarter. FMR LLC raised its stake in Soleno Therapeutics by 6,048,754.5% during the third quarter. FMR LLC now owns 665,374 shares of the company’s stock valued at $33,595,000 after buying an additional 665,363 shares in the last quarter. Nantahala Capital Management LLC raised its stake in Soleno Therapeutics by 20.1% during the fourth quarter. Nantahala Capital Management LLC now owns 3,928,966 shares of the company’s stock valued at $176,607,000 after buying an additional 658,518 shares in the last quarter. Avoro Capital Advisors LLC lifted its holdings in Soleno Therapeutics by 15.8% during the 4th quarter. Avoro Capital Advisors LLC now owns 2,525,000 shares of the company’s stock worth $113,499,000 after buying an additional 344,000 shares during the last quarter. Finally, Vestal Point Capital LP grew its position in shares of Soleno Therapeutics by 47.2% in the 4th quarter. Vestal Point Capital LP now owns 1,060,000 shares of the company’s stock worth $47,647,000 after acquiring an additional 340,000 shares in the last quarter. 97.42% of the stock is currently owned by institutional investors.

Soleno Therapeutics Company Profile

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.