Soleno Therapeutics (NASDAQ:SLNO) Shares Up 5.6%

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) shot up 5.6% during trading on Tuesday . The stock traded as high as $44.06 and last traded at $44.00. 97,613 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 301,848 shares. The stock had previously closed at $41.67.

Analyst Ratings Changes

Several brokerages have commented on SLNO. Stifel Nicolaus began coverage on shares of Soleno Therapeutics in a research report on Tuesday, January 23rd. They issued a “buy” rating and a $63.00 price target for the company. Piper Sandler initiated 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. Finally, Oppenheimer raised their price objective 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. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Soleno Therapeutics presently has an average rating of “Buy” and a consensus target price of $55.60.

Soleno Therapeutics Stock Down 0.1 %

The firm has a market cap of $1.39 billion, a PE ratio of -14.41 and a beta of -1.53. The company’s fifty day moving average price is $46.35 and its two-hundred day moving average price is $34.02.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings data on Wednesday, March 6th. The company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). As a group, analysts predict that Soleno Therapeutics, Inc. will post -1.23 earnings per share for the current year.

Insider Buying and Selling at Soleno Therapeutics

In other news, CEO Bhatnagar Anish sold 2,527 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $48.30, for a total value of $122,054.10. Following the completion of the transaction, the chief executive officer now owns 171,770 shares of the company’s stock, valued at $8,296,491. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 23.70% of the company’s stock.

Hedge Funds Weigh In On Soleno Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of SLNO. Renaissance Technologies LLC grew its stake in Soleno Therapeutics by 309.6% during the first quarter. Renaissance Technologies LLC now owns 248,200 shares of the company’s stock worth $55,000 after buying an additional 187,600 shares during the period. Dimensional Fund Advisors LP purchased a new stake in Soleno Therapeutics during the first quarter worth approximately $64,000. Shell Asset Management Co. purchased a new stake in Soleno Therapeutics during the fourth quarter worth approximately $84,000. Millennium Management LLC purchased a new position in shares of Soleno Therapeutics in the fourth quarter valued at $91,000. Finally, Virtus ETF Advisers LLC purchased a new position in shares of Soleno Therapeutics in the fourth quarter valued at $100,000. Institutional investors and hedge funds own 97.42% of the company’s stock.

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.