Soleno Therapeutics (NASDAQ:SLNO) Price Target Raised to $123.00 at Cantor Fitzgerald

Soleno Therapeutics (NASDAQ:SLNO) had its price objective boosted by investment analysts at Cantor Fitzgerald from $67.00 to $123.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 151.17% from the company’s previous close.

A number of other equities research analysts have also weighed in on SLNO. Stifel Nicolaus initiated coverage on Soleno Therapeutics in a research report on Wednesday, March 5th. They set a “buy” rating and a $74.00 price objective on the stock. Lifesci Capital upgraded shares of Soleno Therapeutics to a “strong-buy” rating in a report on Tuesday, February 4th. HC Wainwright reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Soleno Therapeutics in a research note on Monday, March 3rd. Finally, Robert W. Baird boosted their target price on shares of Soleno Therapeutics from $72.00 to $102.00 and gave the company an “outperform” rating in a report on Thursday. Five research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Soleno Therapeutics has a consensus rating of “Buy” and an average target price of $88.40.

Soleno Therapeutics Price Performance

Shares of SLNO opened at $48.97 on Thursday. Soleno Therapeutics has a one year low of $36.61 and a one year high of $68.78. The firm has a 50 day simple moving average of $48.01 and a two-hundred day simple moving average of $49.78. The company has a market cap of $2.25 billion, a P/E ratio of -14.75 and a beta of -1.70.

Soleno Therapeutics (NASDAQ:SLNO) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($0.41). On average, analysts expect that Soleno Therapeutics will post -3.72 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO James H. Mackaness sold 4,083 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total value of $185,409.03. Following the transaction, the chief financial officer now owns 115,089 shares of the company’s stock, valued at approximately $5,226,191.49. This represents a 3.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Bhatnagar Anish sold 10,937 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total value of $496,649.17. Following the transaction, the chief executive officer now directly owns 708,616 shares in the company, valued at approximately $32,178,252.56. This represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,360 shares of company stock valued at $790,119 in the last 90 days. Insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. Corebridge Financial Inc. lifted its position in shares of Soleno Therapeutics by 2.9% in the 4th quarter. Corebridge Financial Inc. now owns 12,720 shares of the company’s stock worth $572,000 after purchasing an additional 357 shares during the period. Summit Investment Advisors Inc. lifted its stake in shares of Soleno Therapeutics by 24.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,677 shares of the company’s stock valued at $120,000 after purchasing an additional 522 shares during the period. AlphaQuest LLC boosted its position in shares of Soleno Therapeutics by 1,154.4% during the fourth quarter. AlphaQuest LLC now owns 715 shares of the company’s stock valued at $32,000 after purchasing an additional 658 shares in the last quarter. US Bancorp DE purchased a new position in Soleno Therapeutics during the fourth quarter valued at $34,000. Finally, Alliancebernstein L.P. lifted its position in Soleno Therapeutics by 3.5% during the 4th quarter. Alliancebernstein L.P. now owns 23,810 shares of the company’s stock valued at $1,070,000 after acquiring an additional 800 shares during the period. Institutional investors own 97.42% of the company’s stock.

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.