Soleno Therapeutics, Inc. (NASDAQ:SLNO) Sees Large Decline in Short Interest

Soleno Therapeutics, Inc. (NASDAQ:SLNO) saw a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 4,740,000 shares, a drop of 23.2% from the October 31st total of 6,170,000 shares. Based on an average daily trading volume, of 654,000 shares, the short-interest ratio is currently 7.2 days. Approximately 14.8% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

SLNO has been the subject of a number of research analyst reports. HC Wainwright reiterated a “buy” rating and set a $70.00 price target on shares of Soleno Therapeutics in a report on Monday, November 11th. Oppenheimer increased their price target on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Cantor Fitzgerald restated an “overweight” rating and issued a $67.00 price target on shares of Soleno Therapeutics in a research report on Friday, September 20th. Finally, Stifel Nicolaus upped 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. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $74.83.

Soleno Therapeutics Trading Down 5.6 %

Soleno Therapeutics stock traded down $3.13 on Friday, hitting $52.71. The company’s stock had a trading volume of 1,226,573 shares, compared to its average volume of 557,245. Soleno Therapeutics has a one year low of $27.27 and a one year high of $60.92. The company has a fifty day moving average price of $53.51 and a 200-day moving average price of $48.64.

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

Insider Buying and Selling at Soleno Therapeutics

In related news, insider Kristen Yen sold 3,108 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 value of $153,628.44. Following the transaction, the insider now owns 81,465 shares in the company, valued at $4,026,814.95. This trade represents a 3.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO James H. Mackaness sold 8,077 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 $399,246.11. Following the sale, the chief financial officer now owns 119,172 shares of the company’s stock, valued at $5,890,671.96. This trade represents a 6.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,818 shares of company stock valued at $1,622,194 in the last quarter. Company insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Soleno Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of SLNO. Amalgamated Bank bought a new position in shares of Soleno Therapeutics during the second quarter valued at $31,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Soleno Therapeutics during the 3rd quarter worth about $155,000. Curi RMB Capital LLC bought a new position in Soleno Therapeutics during the 3rd quarter valued at about $202,000. Intech Investment Management LLC acquired a new position in Soleno Therapeutics in the third quarter valued at about $262,000. Finally, Fred Alger Management LLC bought a new stake in Soleno Therapeutics during the third quarter worth about $310,000. Institutional investors own 97.42% of the company’s stock.

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.