Analysts Set Soleno Therapeutics, Inc. (NASDAQ:SLNO) Target Price at $60.33

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) have been assigned a consensus recommendation of “Buy” from the seven analysts that are covering the company, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $60.33.

Several equities research analysts have recently issued reports on the stock. Baird R W raised shares of Soleno Therapeutics to a “strong-buy” rating in a research report on Friday, May 10th. Oppenheimer cut their price target on shares of Soleno Therapeutics from $65.00 to $59.00 and set an “outperform” rating on the stock in a research note on Monday, May 13th. Finally, Robert W. Baird initiated coverage on shares of Soleno Therapeutics in a research note on Friday, May 10th. They set an “outperform” rating and a $72.00 price target on the stock.

Soleno Therapeutics Trading Up 3.3 %

Soleno Therapeutics stock opened at $48.48 on Wednesday. The stock has a market cap of $1.62 billion, a P/E ratio of -18.09 and a beta of -1.40. The company has a fifty day simple moving average of $43.80 and a 200-day simple moving average of $44.23. Soleno Therapeutics has a 12-month low of $3.69 and a 12-month high of $53.82.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.29). As a group, sell-side analysts forecast that Soleno Therapeutics will post -2.36 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Kristen Yen sold 2,170 shares of Soleno Therapeutics stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $41.54, for a total value of $90,141.80. Following the sale, the insider now owns 21,252 shares of the company’s stock, valued at $882,808.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Kristen Yen sold 2,170 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $41.54, for a total transaction of $90,141.80. Following the sale, the insider now owns 21,252 shares of the company’s stock, valued at $882,808.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO James H. Mackaness sold 7,190 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $41.54, for a total transaction of $298,672.60. Following the sale, the chief financial officer now directly owns 55,763 shares in the company, valued at approximately $2,316,395.02. The disclosure for this sale can be found here. Insiders have sold a total of 28,616 shares of company stock valued at $1,188,709 over the last quarter. Corporate insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC lifted its holdings in shares of Soleno Therapeutics by 28.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 133,584 shares of the company’s stock valued at $5,450,000 after purchasing an additional 29,745 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Soleno Therapeutics in the second quarter valued at about $3,623,000. Assenagon Asset Management S.A. acquired a new position in shares of Soleno Therapeutics in the second quarter valued at approximately $29,778,000. SG Americas Securities LLC acquired a new position in shares of Soleno Therapeutics in the second quarter valued at approximately $569,000. Finally, California State Teachers Retirement System raised its position in shares of Soleno Therapeutics by 33.8% in the first quarter. California State Teachers Retirement System now owns 13,780 shares of the company’s stock valued at $590,000 after buying an additional 3,481 shares during the last quarter. Hedge funds and other institutional investors own 97.42% of the company’s stock.

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.