Soleno Therapeutics (NASDAQ:SLNO) Trading 13% Higher Following Insider Buying Activity

Shares of Soleno Therapeutics Inc (NASDAQ:SLNO) traded up 13% during trading on Monday after an insider bought additional shares in the company. The company traded as high as $2.09 and last traded at $2.08, 2,561,117 shares traded hands during trading. An increase of 428% from the average session volume of 484,858 shares. The stock had previously closed at $1.84.

Specifically, major shareholder Jack W. Schuler acquired 33,900 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was bought at an average cost of $1.93 per share, for a total transaction of $65,427.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Jack W. Schuler acquired 7,575,759 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The stock was purchased at an average price of $1.65 per share, with a total value of $12,500,002.35. The disclosure for this purchase can be found here. Over the last three months, insiders bought 8,087,147 shares of company stock worth $13,512,339. Insiders own 74.90% of the company’s stock.

A number of equities analysts recently weighed in on the stock. ValuEngine upgraded shares of Soleno Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, April 2nd. Zacks Investment Research upgraded shares of Soleno Therapeutics from a “hold” rating to a “strong-buy” rating and set a $2.25 target price for the company in a research note on Friday, June 12th. Finally, Laidlaw reiterated a “buy” rating and set a $10.00 target price on shares of Soleno Therapeutics in a research note on Friday, June 5th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $7.56.

The firm has a market capitalization of $93.00 million, a PE ratio of -2.88 and a beta of 0.57. The business’s 50 day simple moving average is $2.88 and its two-hundred day simple moving average is $2.80.

Soleno Therapeutics (NASDAQ:SLNO) last announced its earnings results on Tuesday, May 12th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.07. On average, equities research analysts expect that Soleno Therapeutics Inc will post -0.59 EPS for the current year.

Several large investors have recently bought and sold shares of SLNO. Banco Bilbao Vizcaya Argentaria S.A. purchased a new stake in shares of Soleno Therapeutics in the 4th quarter worth $134,000. Abingworth LLP increased its stake in shares of Soleno Therapeutics by 49.3% in the 4th quarter. Abingworth LLP now owns 6,969,272 shares of the company’s stock worth $19,932,000 after purchasing an additional 2,300,000 shares in the last quarter. J. Goldman & Co LP purchased a new stake in shares of Soleno Therapeutics in the 4th quarter worth $612,000. Trellus Management Company LLC increased its stake in shares of Soleno Therapeutics by 50.2% in the 4th quarter. Trellus Management Company LLC now owns 446,232 shares of the company’s stock worth $1,312,000 after purchasing an additional 149,100 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Soleno Therapeutics by 62.1% in the 4th quarter. Geode Capital Management LLC now owns 56,899 shares of the company’s stock worth $167,000 after purchasing an additional 21,802 shares in the last quarter. Hedge funds and other institutional investors own 46.44% of the company’s stock.

About Soleno Therapeutics (NASDAQ:SLNO)

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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