Soleno Therapeutics (NASDAQ:SLNO) Sets New 52-Week High – Should You Buy?

Soleno Therapeutics, Inc. (NASDAQ:SLNO) hit a new 52-week high on Wednesday . The company traded as high as $58.68 and last traded at $57.37, with a volume of 13622 shares. The stock had previously closed at $56.39.

Analyst Upgrades and Downgrades

SLNO has been the subject of a number of recent research reports. Oppenheimer boosted their price target 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 increased their price objective 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. HC Wainwright began coverage on shares of Soleno Therapeutics in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $70.00 price target on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $67.00 price objective on shares of Soleno Therapeutics in a report on Friday, September 20th. Seven 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, the stock presently has an average rating of “Buy” and an average target price of $69.86.

Soleno Therapeutics Stock Up 1.0 %

The firm’s 50-day simple moving average is $51.50 and its 200-day simple moving average is $47.17. The firm has a market capitalization of $2.21 billion, a PE ratio of -23.11 and a beta of -1.44.

Soleno Therapeutics (NASDAQ:SLNO) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.06. On average, equities research analysts forecast that Soleno Therapeutics, Inc. will post -2.29 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Bhatnagar Anish sold 21,633 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 $1,069,319.19. Following the transaction, the chief executive officer now owns 719,553 shares in the company, valued at approximately $35,567,504.79. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Kristen Yen sold 3,108 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total value of $153,628.44. Following the sale, the insider now directly owns 81,465 shares in the company, valued at $4,026,814.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Bhatnagar Anish sold 21,633 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction 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 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 701,362 shares of company stock valued at $33,970,517. Company insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Avoro Capital Advisors LLC boosted its stake in shares of Soleno Therapeutics by 107.0% during the first quarter. Avoro Capital Advisors LLC now owns 1,625,000 shares of the company’s stock valued at $69,550,000 after purchasing an additional 840,000 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Soleno Therapeutics in the second quarter worth $29,778,000. Nantahala Capital Management LLC raised its holdings in shares of Soleno Therapeutics by 27.9% in the second quarter. Nantahala Capital Management LLC now owns 3,082,107 shares of the company’s stock worth $125,750,000 after buying an additional 671,728 shares during the last quarter. Sofinnova Investments Inc. raised its holdings in shares of Soleno Therapeutics by 267.7% during the second quarter. Sofinnova Investments Inc. now owns 554,359 shares of the company’s stock worth $22,618,000 after purchasing an additional 403,584 shares during the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Soleno Therapeutics by 13.7% during the first quarter. Janus Henderson Group PLC now owns 2,870,811 shares of the company’s stock worth $122,698,000 after purchasing an additional 346,914 shares during the last quarter. 97.42% of the stock is owned by hedge funds and other institutional investors.

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.