Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Up to $37.89

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares gapped up prior to trading on Monday . The stock had previously closed at $37.89, but opened at $47.00. Soleno Therapeutics shares last traded at $49.93, with a volume of 806,305 shares changing hands.

Analysts Set New Price Targets

Several research firms recently weighed in on SLNO. Piper Sandler started coverage on Soleno Therapeutics in a report on Monday, February 5th. They set an “overweight” rating and a $93.00 price objective on the stock. Stifel Nicolaus initiated coverage on Soleno Therapeutics in a research report on Tuesday, January 23rd. They issued a “buy” rating and a $63.00 target price for the company. Finally, Oppenheimer boosted their target price on Soleno Therapeutics from $44.00 to $47.00 and gave the company an “outperform” rating in a research report on Tuesday, January 2nd. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $55.60.

Soleno Therapeutics Stock Up 27.4 %

The stock’s fifty day moving average price is $43.10 and its two-hundred day moving average price is $37.84. The company has a market capitalization of $1.61 billion, a PE ratio of -16.69 and a beta of -1.56.

Soleno Therapeutics (NASDAQ:SLNO) last announced its earnings results on Wednesday, March 6th. The company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). On average, equities research analysts forecast that Soleno Therapeutics, Inc. will post -1.23 EPS for the current year.

Insider Transactions at Soleno Therapeutics

In related news, CFO James H. Mackaness sold 5,175 shares of Soleno Therapeutics stock in a transaction on Monday, April 1st. The shares were sold at an average price of $41.34, for a total transaction of $213,934.50. Following the transaction, the chief financial officer now owns 62,953 shares in the company, valued at approximately $2,602,477.02. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Kristen Yen sold 2,218 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $41.34, for a total transaction of $91,692.12. Following the transaction, the insider now directly owns 23,422 shares in the company, valued at approximately $968,265.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James H. Mackaness sold 5,175 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $41.34, for a total transaction of $213,934.50. Following the completion of the sale, the chief financial officer now directly owns 62,953 shares of the company’s stock, valued at $2,602,477.02. The disclosure for this sale can be found here. Insiders have sold 26,373 shares of company stock worth $1,090,260 in the last 90 days. 28.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Soleno Therapeutics

Several hedge funds have recently modified their holdings of SLNO. Vivo Capital LLC lifted its stake in shares of Soleno Therapeutics by 162.8% during the fourth quarter. Vivo Capital LLC now owns 8,418,093 shares of the company’s stock worth $338,828,000 after buying an additional 5,215,000 shares during the period. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Soleno Therapeutics in the third quarter valued at about $39,160,000. Vestal Point Capital LP acquired a new position in Soleno Therapeutics during the fourth quarter worth about $52,325,000. RA Capital Management L.P. acquired a new position in Soleno Therapeutics during the third quarter worth about $36,563,000. Finally, Carlyle Group Inc. boosted its position in Soleno Therapeutics by 90.9% during the third quarter. Carlyle Group Inc. now owns 2,293,562 shares of the company’s stock worth $67,431,000 after acquiring an additional 1,092,056 shares during the last quarter. Hedge funds and other institutional investors own 97.42% of the company’s stock.

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.