Soleno Therapeutics (NASDAQ:SLNO) Stock Price Down 3.4% – Here’s Why

by · The Markets Daily

Soleno Therapeutics, Inc. (NASDAQ:SLNO – Get Free Report)’s share price was down 3.4% on Wednesday . The stock traded as low as $48.50 and last traded at $48.40. Approximately 379,566 shares changed hands during trading, a decline of 28% from the average daily volume of 525,409 shares. The stock had previously closed at $50.11.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SLNO shares. HC Wainwright reaffirmed a “buy” rating and issued a $70.00 price target on shares of Soleno Therapeutics in a research note on Monday, March 3rd. Lifesci Capital raised shares of Soleno Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 4th. Robert W. Baird reaffirmed an “outperform” rating and issued a $72.00 price target on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Finally, Stifel Nicolaus started coverage on shares of Soleno Therapeutics in a research note on Wednesday, March 5th. They issued a “buy” rating and a $74.00 price target on the stock. Five investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $71.20.

Read Our Latest Research Report on SLNO

Soleno Therapeutics Stock Up 1.5 %

The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of -14.79 and a beta of -1.70. The stock’s fifty day moving average price is $47.59 and its 200-day moving average price is $49.75.

Soleno Therapeutics (NASDAQ:SLNO – Get Free Report) last issued its earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.41). Analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Insider Buying and Selling

In related news, insider Kristen Yen sold 2,340 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $46.18, for a total transaction of $108,061.20. Following the completion of the sale, the insider now owns 76,605 shares of the company’s stock, valued at $3,537,618.90. This represents a 2.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO James H. Mackaness sold 4,083 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total transaction of $185,409.03. Following the sale, the chief financial officer now directly owns 115,089 shares of the company’s stock, valued at $5,226,191.49. This represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,360 shares of company stock worth $790,119. Insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. AlphaQuest LLC lifted its holdings in shares of Soleno Therapeutics by 1,154.4% in the fourth quarter. AlphaQuest LLC now owns 715 shares of the company’s stock worth $32,000 after acquiring an additional 658 shares during the last quarter. US Bancorp DE bought a new position in shares of Soleno Therapeutics in the fourth quarter worth about $34,000. Avanza Fonder AB bought a new position in shares of Soleno Therapeutics in the fourth quarter worth about $76,000. Springhill Fund Asset Management HK Co Ltd bought a new position in shares of Soleno Therapeutics in the fourth quarter worth about $81,000. Finally, Avior Wealth Management LLC bought a new position in shares of Soleno Therapeutics in the fourth quarter worth about $89,000. Institutional investors own 97.42% of the company’s stock.

About Soleno Therapeutics

(Get Free Report)

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.

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