Soleno Therapeutics (NASDAQ:SLNO) Sees Unusually-High Trading Volume – Here’s What Happened

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares saw strong trading volume on Tuesday . 1,012,442 shares were traded during trading, an increase of 94% from the previous session’s volume of 522,832 shares.The stock last traded at $50.10 and had previously closed at $50.14.

Analysts Set New Price Targets

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

Soleno Therapeutics Stock Performance

The stock has a fifty day simple moving average of $47.86 and a two-hundred day simple moving average of $49.77. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of -15.08 and a beta of -1.70.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.41). Equities analysts expect that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Soleno Therapeutics news, insider Kristen Yen sold 2,340 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $46.18, for a total transaction of $108,061.20. Following the sale, the insider now directly owns 76,605 shares of the company’s stock, valued at $3,537,618.90. The trade was a 2.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO James H. Mackaness sold 4,083 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total transaction of $185,409.03. Following the completion of the transaction, the chief financial officer now owns 115,089 shares of the company’s stock, valued at approximately $5,226,191.49. This trade represents a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,360 shares of company stock valued at $790,119 in the last 90 days. Corporate insiders own 12.30% of the company’s stock.

Institutional Trading of Soleno Therapeutics

Several institutional investors have recently modified their holdings of SLNO. AlphaQuest LLC increased its stake in shares of Soleno Therapeutics by 1,154.4% in the fourth quarter. AlphaQuest LLC now owns 715 shares of the company’s stock valued at $32,000 after buying an additional 658 shares during the period. US Bancorp DE bought a new position in shares of Soleno Therapeutics during the 4th quarter worth approximately $34,000. Avanza Fonder AB acquired a new stake in Soleno Therapeutics in the fourth quarter worth $76,000. Springhill Fund Asset Management HK Co Ltd acquired a new stake in shares of Soleno Therapeutics in the 4th quarter valued at about $81,000. Finally, Avior Wealth Management LLC bought a new stake in Soleno Therapeutics during the 4th quarter valued at $89,000. Institutional investors own 97.42% of the company’s stock.

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.