Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Down – What’s Next?

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $57.22, but opened at $53.62. Soleno Therapeutics shares last traded at $55.35, with a volume of 150,165 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SLNO shares. Stifel Nicolaus boosted their price objective on shares of Soleno Therapeutics from $59.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Oppenheimer upped their target price on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th. HC Wainwright restated a “buy” rating and issued a $70.00 target price on shares of Soleno Therapeutics in a research report on Monday, November 11th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $67.00 target price on shares of Soleno Therapeutics in a research report on Friday, September 20th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $74.83.

Soleno Therapeutics Stock Performance

The business’s 50 day moving average price is $53.27 and its two-hundred day moving average price is $48.34. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of -17.23 and a beta of -1.44.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). On average, sell-side analysts expect that Soleno Therapeutics, Inc. will post -3.76 earnings per share for the current year.

Insider Transactions at Soleno Therapeutics

In related news, CEO Bhatnagar Anish sold 56,613 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $47.58, for a total transaction of $2,693,646.54. Following the completion of the sale, the chief executive officer now directly owns 799,577 shares of the company’s stock, valued at $38,043,873.66. This represents a 6.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Vivo Opportunity, Llc sold 100,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $47.22, for a total transaction of $4,722,000.00. Following the sale, the insider now directly owns 6,291,851 shares of the company’s stock, valued at approximately $297,101,204.22. This represents a 1.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 201,362 shares of company stock valued at $9,605,517. Company insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank acquired a new stake in Soleno Therapeutics during the second quarter valued at approximately $31,000. Victory Capital Management Inc. lifted its stake in Soleno Therapeutics by 26.3% during the second quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock valued at $438,000 after purchasing an additional 2,236 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Soleno Therapeutics by 22.0% during the first 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. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Soleno Therapeutics during the third quarter valued at approximately $155,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Soleno Therapeutics by 6.5% during the third quarter. The Manufacturers Life Insurance Company now owns 52,634 shares of the company’s stock valued at $2,657,000 after acquiring an additional 3,226 shares during the period. 97.42% of the stock is owned by institutional investors and hedge funds.

About Soleno Therapeutics

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.