Soleno Therapeutics (NASDAQ:SLNO) Reaches New 52-Week High at $54.32

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $54.32 and last traded at $54.32, with a volume of 129344 shares trading hands. The stock had previously closed at $52.79.

Analyst Upgrades and Downgrades

SLNO has been the topic of several research analyst reports. HC Wainwright initiated coverage on Soleno Therapeutics in a research note on Tuesday, September 3rd. They set a “buy” rating and a $70.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $67.00 price target on shares of Soleno Therapeutics in a research report on Wednesday, July 31st. Finally, Oppenheimer lifted their price target on shares of Soleno Therapeutics from $59.00 to $65.00 and gave the company an “outperform” rating in a research report on Monday, August 12th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $67.14.

Soleno Therapeutics Price Performance

The firm’s 50-day moving average is $48.05 and its 200-day moving average is $44.57. The company has a market capitalization of $1.77 billion, a P/E ratio of -19.70 and a beta of -1.46.

Soleno Therapeutics (NASDAQ:SLNO) last announced its earnings results on Wednesday, August 7th. The company reported ($0.57) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.06. As a group, analysts forecast that Soleno Therapeutics, Inc. will post -2.28 EPS for the current fiscal year.

Insider Transactions at Soleno Therapeutics

In related news, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $48.73, for a total transaction of $24,365,000.00. Following the sale, the insider now owns 6,816,851 shares of the company’s stock, valued at $332,185,149.23. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, major shareholder Vivo Opportunity, Llc sold 500,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $48.73, for a total value of $24,365,000.00. Following the transaction, the insider now directly owns 6,816,851 shares in the company, valued at $332,185,149.23. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kristen Yen sold 2,170 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $41.54, for a total transaction of $90,141.80. Following the transaction, the insider now owns 21,252 shares in the company, valued at $882,808.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 767,239 shares of company stock valued at $36,744,548. 12.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Soleno Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of SLNO. Amalgamated Bank acquired a new stake in shares of Soleno Therapeutics during the 2nd quarter worth approximately $31,000. Victory Capital Management Inc. grew its position in Soleno Therapeutics by 26.3% in the 2nd quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock valued at $438,000 after acquiring an additional 2,236 shares in the last quarter. Cannon Global Investment Management LLC acquired a new position in Soleno Therapeutics in the 1st quarter valued at about $505,000. Sei Investments Co. grew its position in Soleno Therapeutics by 22.0% in the 1st quarter. Sei Investments Co. now owns 12,577 shares of the company’s stock valued at $538,000 after acquiring an additional 2,264 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Soleno Therapeutics during the second quarter worth about $569,000. 97.42% of the stock is owned by hedge funds and other 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.