Soleno Therapeutics (NASDAQ:SLNO) Shares Down 2.5% – Here’s Why

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) traded down 2.5% during mid-day trading on Monday . The company traded as low as $45.28 and last traded at $45.28. 6,739 shares were traded during mid-day trading, a decline of 98% from the average session volume of 352,929 shares. The stock had previously closed at $46.46.

Analyst Ratings Changes

Several research analysts have weighed in on SLNO shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $67.00 price target on shares of Soleno Therapeutics in a report on Friday, September 20th. Robert W. Baird reiterated an “outperform” rating and issued a $72.00 price target on shares of Soleno Therapeutics in a report on Monday, December 2nd. HC Wainwright reissued a “buy” rating and issued a $70.00 price objective on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Stifel Nicolaus reissued a “buy” rating and issued a $74.00 price objective on shares of Soleno Therapeutics in a research report on Monday, December 2nd. Finally, Oppenheimer increased their price target 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. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Soleno Therapeutics has a consensus rating of “Buy” and an average target price of $74.83.

Soleno Therapeutics Stock Performance

The business’s 50 day moving average is $51.24 and its 200 day moving average is $49.19. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of -13.86 and a beta of -1.47.

Soleno Therapeutics (NASDAQ:SLNO) last issued its earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). Research analysts expect that Soleno Therapeutics, Inc. will post -3.7 earnings per share for the current year.

Institutional Trading of Soleno Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of SLNO. Janus Henderson Group PLC grew its position in Soleno Therapeutics by 21.5% in the 3rd quarter. Janus Henderson Group PLC now owns 4,081,099 shares of the company’s stock worth $206,016,000 after purchasing an additional 722,226 shares during the last quarter. Nantahala Capital Management LLC grew its position in Soleno Therapeutics by 27.9% in the 2nd quarter. Nantahala Capital Management LLC now owns 3,082,107 shares of the company’s stock worth $125,750,000 after purchasing an additional 671,728 shares during the last quarter. FMR LLC boosted its position in shares of Soleno Therapeutics by 6,048,754.5% during the 3rd quarter. FMR LLC now owns 665,374 shares of the company’s stock valued at $33,595,000 after acquiring an additional 665,363 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Soleno Therapeutics during the 3rd quarter valued at about $25,028,000. Finally, Avoro Capital Advisors LLC boosted its position in shares of Soleno Therapeutics by 28.7% during the 2nd quarter. Avoro Capital Advisors LLC now owns 2,091,666 shares of the company’s stock valued at $85,340,000 after acquiring an additional 466,666 shares in the last quarter. 97.42% of the stock is currently owned by institutional investors and hedge funds.

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.