Soleno Therapeutics, Inc. (NASDAQ:SLNO) Short Interest Down 23.2% in November

Soleno Therapeutics, Inc. (NASDAQ:SLNO) saw a large decrease in short interest during the month of November. As of November 15th, there was short interest totalling 4,740,000 shares, a decrease of 23.2% from the October 31st total of 6,170,000 shares. Based on an average daily volume of 654,000 shares, the short-interest ratio is presently 7.2 days. Currently, 14.8% of the company’s stock are short sold.

Insiders Place Their Bets

In related news, CFO James H. Mackaness sold 8,077 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total value of $399,246.11. Following the transaction, the chief financial officer now directly owns 119,172 shares of the company’s stock, valued at approximately $5,890,671.96. This trade represents a 6.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Bhatnagar Anish sold 21,633 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total transaction of $1,069,319.19. Following the completion of the sale, the chief executive officer now owns 719,553 shares of the company’s stock, valued at $35,567,504.79. The trade was a 2.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,818 shares of company stock valued at $1,622,194 in the last three months. Insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Amalgamated Bank acquired a new position in shares of Soleno Therapeutics during the second quarter valued at $31,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Soleno Therapeutics during the 3rd quarter worth $155,000. Curi RMB Capital LLC bought a new stake in shares of Soleno Therapeutics during the 3rd quarter valued at $202,000. Intech Investment Management LLC bought a new position in shares of Soleno Therapeutics in the 3rd quarter worth $262,000. Finally, Fred Alger Management LLC acquired a new stake in shares of Soleno Therapeutics during the third quarter worth $310,000. 97.42% of the stock is currently owned by institutional investors and hedge funds.

Soleno Therapeutics Stock Performance

Shares of NASDAQ SLNO traded down $3.13 during mid-day trading on Friday, hitting $52.71. 1,226,573 shares of the stock were exchanged, compared to its average volume of 479,179. Soleno Therapeutics has a twelve month low of $27.27 and a twelve month high of $60.92. The stock’s fifty day simple moving average is $53.51 and its two-hundred day simple moving average is $48.64. The company has a market cap of $2.27 billion, a P/E ratio of -15.88 and a beta of -1.44.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). As a group, equities research analysts predict that Soleno Therapeutics will post -3.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SLNO. Cantor Fitzgerald reissued an “overweight” rating and issued a $67.00 price target on shares of Soleno Therapeutics in a report on Friday, September 20th. HC Wainwright reaffirmed a “buy” rating and set a $70.00 price objective on shares of Soleno Therapeutics in a research report on Monday, November 11th. Stifel Nicolaus lifted their target price on Soleno Therapeutics from $59.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Finally, Oppenheimer boosted their price target on Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a research note on Monday, October 28th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $74.83.

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.