Zacks Investment Research Lowers Soleno Therapeutics (SLNO) to Hold

Soleno Therapeutics (NASDAQ:SLNO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday, Zacks.com reports.

According to Zacks, “Soleno Therapeutics Inc. is a healthcare company. It develops and commercializes diagnostics, devices and therapeutics addressing unmet medical needs. The Company offers products consists of CoSense end-tidal carbon monoxide Monitor, NeoPIP Infant Resuscitator and Accessories and Serenz Nasal Relief. Soleno Therapeutics Inc., formerly known as Capnia Inc., is based in Vancouver, Canada. “

NASDAQ:SLNO traded down $0.08 during trading hours on Thursday, reaching $1.95. 41,277 shares of the company were exchanged, compared to its average volume of 58,172. The company has a market cap of $64.51 million, a P/E ratio of -3.00 and a beta of 3.27. Soleno Therapeutics has a 52-week low of $1.11 and a 52-week high of $5.07.

Soleno Therapeutics (NASDAQ:SLNO) last posted its quarterly earnings results on Monday, May 13th. The company reported ($0.22) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.07. As a group, research analysts anticipate that Soleno Therapeutics will post -0.77 earnings per share for the current year.

In related news, major shareholder Larry N. Feinberg purchased 130,363 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were bought at an average price of $1.22 per share, with a total value of $159,042.86. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 43.27% of the company’s stock.

A number of large investors have recently bought and sold shares of SLNO. Fosun International Ltd purchased a new position in Soleno Therapeutics during the fourth quarter worth approximately $294,000. Trellus Management Company LLC raised its stake in Soleno Therapeutics by 42.1% during the first quarter. Trellus Management Company LLC now owns 240,645 shares of the company’s stock worth $496,000 after purchasing an additional 71,265 shares during the period. Renaissance Technologies LLC purchased a new position in Soleno Therapeutics during the first quarter worth approximately $131,000. Virtu Financial LLC purchased a new position in Soleno Therapeutics during the first quarter worth approximately $72,000. Finally, Vanguard Group Inc raised its stake in Soleno Therapeutics by 30.1% during the third quarter. Vanguard Group Inc now owns 66,075 shares of the company’s stock worth $143,000 after purchasing an additional 15,281 shares during the period. 47.69% of the stock is currently owned by institutional investors.

About Soleno Therapeutics

Soleno Therapeutics, Inc focuses on the development and commercialization of novel therapeutics for the treatment of rare diseases. Its lead candidate is diazoxide choline controlled-release, a tablet that is in Phase III clinical trial for the treatment of Prader-Willi Syndrome. The company was formerly known as Capnia, Inc and changed its name to Soleno Therapeutics, Inc in May 2017.

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