Soleno Therapeutics (NASDAQ:SLNO) Shares Down 5% – Here’s Why

Soleno Therapeutics, Inc. (NASDAQ:SLNO) traded down 5% on Wednesday . The company traded as low as $55.40 and last traded at $55.42. 155,249 shares traded hands during trading, a decline of 67% from the average session volume of 474,046 shares. The stock had previously closed at $58.34.

Wall Street Analysts Forecast Growth

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

Soleno Therapeutics Stock Performance

The business’s fifty day moving average price is $53.48 and its 200 day moving average price is $48.54.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($1.83) EPS for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). Research analysts forecast that Soleno Therapeutics, Inc. will post -3.76 EPS for the current year.

Insider Activity at Soleno Therapeutics

In related news, CEO Bhatnagar Anish sold 21,633 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total value of $1,069,319.19. Following the transaction, the chief executive officer now owns 719,553 shares in the company, valued at $35,567,504.79. The trade was a 2.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James H. Mackaness sold 8,077 shares of Soleno Therapeutics stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $399,246.11. Following the completion of the sale, 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 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 worth $1,622,194 over the last quarter. Company insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD bought a new stake in Soleno Therapeutics in the first quarter valued at $6,533,000. Sofinnova Investments Inc. increased its stake in Soleno Therapeutics by 267.7% in the second quarter. Sofinnova Investments Inc. now owns 554,359 shares of the company’s stock valued at $22,618,000 after purchasing an additional 403,584 shares in the last quarter. TD Asset Management Inc increased its stake in Soleno Therapeutics by 174.0% in the second quarter. TD Asset Management Inc now owns 57,534 shares of the company’s stock valued at $2,347,000 after purchasing an additional 36,534 shares in the last quarter. Samlyn Capital LLC increased its stake in Soleno Therapeutics by 128.9% in the second quarter. Samlyn Capital LLC now owns 501,049 shares of the company’s stock valued at $20,443,000 after purchasing an additional 282,122 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Soleno Therapeutics during the second quarter worth about $3,623,000. 97.42% of the stock is owned by institutional investors.

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.