Soleno Therapeutics (NASDAQ:SLNO) Shares Up 8.3% – Here’s What Happened
by Sarita Garza · The Markets DailySoleno Therapeutics, Inc. (NASDAQ:SLNO – Get Free Report)’s stock price was up 8.3% during mid-day trading on Monday . The stock traded as high as $42.12 and last traded at $41.77. Approximately 280,653 shares were traded during trading, a decline of 83% from the average daily volume of 1,677,268 shares. The stock had previously closed at $38.56.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on SLNO shares. Zacks Research raised shares of Soleno Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 5th. Wells Fargo & Company reiterated an “overweight” rating and issued a $114.00 target price (up previously from $106.00) on shares of Soleno Therapeutics in a report on Tuesday, January 20th. Robert W. Baird set a $107.00 price target on shares of Soleno Therapeutics in a report on Tuesday, January 13th. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price target (up from $110.00) on shares of Soleno Therapeutics in a research report on Tuesday, January 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Soleno Therapeutics in a research report on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Soleno Therapeutics currently has an average rating of “Buy” and a consensus price target of $110.62.
Get Our Latest Analysis on SLNO
Soleno Therapeutics Price Performance
The company has a quick ratio of 15.88, a current ratio of 16.08 and a debt-to-equity ratio of 0.10. The stock’s 50-day moving average price is $46.25 and its 200 day moving average price is $58.71. The firm has a market cap of $2.26 billion, a price-to-earnings ratio of -22.89 and a beta of -3.16.
Soleno Therapeutics (NASDAQ:SLNO – Get Free Report) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.39. The firm had revenue of $66.02 million for the quarter, compared to the consensus estimate of $47.46 million. Equities research analysts predict that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SLNO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Soleno Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,360 shares of the company’s stock worth $1,242,000 after purchasing an additional 189 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Soleno Therapeutics in the second quarter worth about $25,000. Avanza Fonder AB raised its stake in shares of Soleno Therapeutics by 11.2% in the fourth quarter. Avanza Fonder AB now owns 3,195 shares of the company’s stock worth $148,000 after acquiring an additional 323 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Soleno Therapeutics by 11.9% in the third quarter. Principal Financial Group Inc. now owns 3,197 shares of the company’s stock valued at $216,000 after purchasing an additional 340 shares in the last quarter. Finally, New York State Common Retirement Fund raised its position in Soleno Therapeutics by 2.4% in the 3rd quarter. New York State Common Retirement Fund now owns 15,600 shares of the company’s stock worth $1,055,000 after purchasing an additional 360 shares during the last quarter. Institutional investors own 97.42% of the company’s stock.
Soleno Therapeutics Company Profile
Soleno Therapeutics, Inc is a clinical‐stage biopharmaceutical company focused on the development and commercialization of therapies for rare and orphan diseases. Headquartered in Redwood City, California, Soleno leverages a precision medicine approach to identify and advance small‐molecule treatments that address underlying genetic and metabolic dysfunctions. The company’s scientific strategy centers on repurposing and reformulating existing compounds to maximize therapeutic benefit in underserved patient populations.
The company’s lead candidate, diazoxide choline controlled release (DCCR), is being investigated for the treatment of Prader-Willi syndrome (PWS), a complex neurodevelopmental disorder characterized by insatiable appetite, hormonal imbalances and behavioral challenges.