Other research analysts also recently issued research reports about the company. Zacks Investment Research downgraded Soleno Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. Laidlaw initiated coverage on Soleno Therapeutics in a report on Monday, July 8th. They set a “buy” rating and a $10.00 target price on the stock.
SLNO traded up $0.10 on Wednesday, reaching $1.98. The company’s stock had a trading volume of 28,100 shares, compared to its average volume of 654,516. The stock has a market cap of $64.22 million, a price-to-earnings ratio of -3.05 and a beta of 2.29. Soleno Therapeutics has a 1 year low of $1.11 and a 1 year high of $5.07. The business’s 50 day moving average is $2.38 and its 200 day moving average is $2.18.
In related news, major shareholder Larry N. Feinberg purchased 57,069 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were acquired at an average cost of $2.14 per share, for a total transaction of $122,127.66. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 26.56% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Soleno Therapeutics by 14.1% during the second quarter. Vanguard Group Inc. now owns 243,879 shares of the company’s stock valued at $683,000 after buying an additional 30,092 shares in the last quarter. BlackRock Inc. increased its stake in shares of Soleno Therapeutics by 86.0% in the second quarter. BlackRock Inc. now owns 72,061 shares of the company’s stock worth $202,000 after purchasing an additional 33,319 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Soleno Therapeutics in the second quarter worth about $49,000. Trellus Management Company LLC increased its stake in shares of Soleno Therapeutics by 11.4% in the second quarter. Trellus Management Company LLC now owns 268,000 shares of the company’s stock worth $750,000 after purchasing an additional 27,355 shares during the period. Finally, Lindbrook Capital LLC bought a new position in shares of Soleno Therapeutics in the second quarter worth about $30,000. Institutional investors and hedge funds own 46.13% of the company’s stock.
About Soleno Therapeutics
Soleno Therapeutics, Inc focuses on the development and commercialization of novel therapeutics for the treatment of rare diseases. Its lead candidate is diazoxide choline controlled-release, a tablet that is in Phase III clinical trial for the treatment of Prader-Willi Syndrome. The company was formerly known as Capnia, Inc and changed its name to Soleno Therapeutics, Inc in May 2017.
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