Soleno Therapeutics (NASDAQ:SLNO) Reaches New 52-Week High – Still a Buy?

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) hit a new 52-week high on Thursday . The stock traded as high as $74.00 and last traded at $72.45, with a volume of 664720 shares changing hands. The stock had previously closed at $73.67.

Analyst Upgrades and Downgrades

SLNO has been the topic of several recent research reports. Guggenheim restated a “buy” rating and issued a $81.00 price objective (up previously from $70.00) on shares of Soleno Therapeutics in a research report on Friday, March 28th. Laidlaw raised their price target on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, March 27th. Stifel Nicolaus boosted their price objective on Soleno Therapeutics from $74.00 to $108.00 and gave the company a “buy” rating in a research report on Friday, March 28th. Cantor Fitzgerald boosted their price target on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the stock an “overweight” rating in a report on Thursday, March 27th. Finally, UBS Group set a $105.00 target price on shares of Soleno Therapeutics in a research report on Thursday, March 27th. Seven analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $99.63.

Soleno Therapeutics Price Performance

The stock has a market capitalization of $3.09 billion, a PE ratio of -20.33 and a beta of -2.29. The company’s 50 day moving average price is $51.19 and its two-hundred day moving average price is $50.75.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.41). Analysts forecast that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Insider Activity at Soleno Therapeutics

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 3,782 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $70.11, for a total transaction of $265,156.02. Following the completion of the sale, the insider now owns 27,036 shares of the company’s stock, valued at $1,895,493.96. This trade represents a 12.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael F. Huang sold 14,583 shares of the stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $69.51, for a total value of $1,013,664.33. Following the transaction, the vice president now owns 36,817 shares of the company’s stock, valued at approximately $2,559,149.67. This represents a 28.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 942,672 shares of company stock valued at $64,058,781. 12.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. FMR LLC increased its stake in Soleno Therapeutics by 6,048,754.5% during the 3rd quarter. FMR LLC now owns 665,374 shares of the company’s stock worth $33,595,000 after buying an additional 665,363 shares during the period. Barclays PLC boosted its holdings in Soleno Therapeutics by 149.3% in the third quarter. Barclays PLC now owns 52,545 shares of the company’s stock valued at $2,652,000 after purchasing an additional 31,467 shares during the period. Emerald Advisers LLC increased its holdings in Soleno Therapeutics by 85.4% during the 4th quarter. Emerald Advisers LLC now owns 580,919 shares of the company’s stock worth $26,112,000 after purchasing an additional 267,585 shares during the period. State Street Corp raised its position in Soleno Therapeutics by 14.2% in the 3rd quarter. State Street Corp now owns 1,142,169 shares of the company’s stock valued at $57,668,000 after purchasing an additional 142,033 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Soleno Therapeutics by 13.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 217,550 shares of the company’s stock valued at $9,779,000 after buying an additional 24,953 shares during the period. 97.42% of the stock is currently owned by institutional investors and hedge funds.

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.