Soleno Therapeutics (NASDAQ:SLNO) Coverage Initiated at Robert W. Baird

Equities researchers at Robert W. Baird assumed coverage on shares of Soleno Therapeutics (NASDAQ:SLNO) in a note issued to investors on Friday, Briefing.com reports. The firm set an “outperform” rating and a $72.00 price target on the stock. Robert W. Baird’s price target would suggest a potential upside of 51.13% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Stifel Nicolaus started coverage on shares of Soleno Therapeutics in a research report on Tuesday, January 23rd. They set a “buy” rating and a $63.00 target price on the stock. 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. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $58.33.

Soleno Therapeutics Stock Up 3.0 %

NASDAQ SLNO opened at $47.64 on Friday. Soleno Therapeutics has a fifty-two week low of $3.69 and a fifty-two week high of $53.82. The business has a fifty day moving average of $42.57 and a 200-day moving average of $39.06. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -16.04 and a beta of -1.51.

Soleno Therapeutics (NASDAQ:SLNO) last released its earnings results on Wednesday, March 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). As a group, analysts anticipate that Soleno Therapeutics will post -1.23 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Vivo Opportunity, Llc sold 750,000 shares of the company’s stock in a transaction on 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 completion of 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 legal filing with the SEC, which is available at this link. In other Soleno Therapeutics news, major shareholder Vivo Opportunity, Llc sold 750,000 shares of the business’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 completion of the sale, the insider now owns 7,668,093 shares of the company’s stock, valued at $366,534,845.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kristen Yen sold 2,218 shares of the company’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 sale, the insider now owns 23,422 shares of the company’s stock, valued at $968,265.48. The disclosure for this sale can be found here. Insiders have sold a total of 776,373 shares of company stock valued at $36,940,260 over the last quarter. Company insiders own 28.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sei Investments Co. raised its stake in shares of Soleno Therapeutics by 22.0% in the 1st quarter. Sei Investments Co. now owns 12,577 shares of the company’s stock valued at $538,000 after acquiring an additional 2,264 shares during the period. Swiss National Bank increased its holdings in Soleno Therapeutics by 32.0% in the 1st quarter. Swiss National Bank now owns 30,100 shares of the company’s stock valued at $1,288,000 after purchasing an additional 7,300 shares in the last quarter. Carlyle Group Inc. raised its position in Soleno Therapeutics by 42.5% in the first quarter. Carlyle Group Inc. now owns 4,071,562 shares of the company’s stock valued at $173,123,000 after purchasing an additional 1,213,758 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Soleno Therapeutics during the first quarter worth about $4,444,000. Finally, Cannon Global Investment Management LLC purchased a new stake in shares of Soleno Therapeutics in the first quarter worth about $505,000. 97.42% of the stock is 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.