Soleno Therapeutics, Inc. (NASDAQ:SLNO) Receives $60.33 Consensus Price Target from Analysts

Soleno Therapeutics, Inc. (NASDAQ:SLNO) has earned an average rating of “Buy” from the seven brokerages that are currently covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $60.33.

Several research analysts have issued reports on SLNO shares. Baird R W upgraded Soleno Therapeutics to a “strong-buy” rating in a research report on Friday, May 10th. Oppenheimer decreased their target price on Soleno Therapeutics from $65.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, May 13th. Finally, Robert W. Baird initiated coverage on shares of Soleno Therapeutics in a research note on Friday, May 10th. They issued an “outperform” rating and a $72.00 price target on the stock.

Soleno Therapeutics Stock Up 3.3 %

Shares of SLNO opened at $47.06 on Tuesday. The business has a fifty day moving average of $42.44 and a 200 day moving average of $42.30. The company has a market cap of $1.57 billion, a PE ratio of -17.56 and a beta of -1.40. Soleno Therapeutics has a 52-week low of $3.69 and a 52-week high of $53.82.

Soleno Therapeutics (NASDAQ:SLNO) last released its earnings results on Thursday, May 9th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.29). As a group, research analysts anticipate that Soleno Therapeutics will post -2.36 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Vivo Opportunity, Llc sold 750,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $47.80, for a total value of $35,850,000.00. Following the sale, the insider now directly owns 7,668,093 shares in the company, valued at approximately $366,534,845.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Vivo Opportunity, Llc sold 750,000 shares of the company’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $47.80, for a total transaction of $35,850,000.00. Following the transaction, the insider now directly owns 7,668,093 shares of the company’s stock, valued at approximately $366,534,845.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kristen Yen sold 2,218 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $41.34, for a total value of $91,692.12. Following the completion of the sale, the insider now directly owns 23,422 shares of the company’s stock, valued at approximately $968,265.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 776,373 shares of company stock worth $36,940,260. Corporate insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Soleno Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vivo Capital LLC increased its holdings in shares of Soleno Therapeutics by 162.8% in the fourth quarter. Vivo Capital LLC now owns 8,418,093 shares of the company’s stock valued at $338,828,000 after purchasing an additional 5,215,000 shares during the period. Carlyle Group Inc. increased its holdings in Soleno Therapeutics by 42.5% in the 1st quarter. Carlyle Group Inc. now owns 4,071,562 shares of the company’s stock worth $173,123,000 after buying an additional 1,213,758 shares during the period. Janus Henderson Group PLC raised its position in Soleno Therapeutics by 13.7% during the 1st quarter. Janus Henderson Group PLC now owns 2,870,811 shares of the company’s stock worth $122,698,000 after buying an additional 346,914 shares during the last quarter. Avoro Capital Advisors LLC lifted its stake in Soleno Therapeutics by 107.0% during the 1st quarter. Avoro Capital Advisors LLC now owns 1,625,000 shares of the company’s stock valued at $69,550,000 after acquiring an additional 840,000 shares during the period. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in shares of Soleno Therapeutics in the 3rd quarter valued at $39,160,000. Hedge funds and other 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.