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

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $46.31, but opened at $50.00. Soleno Therapeutics shares last traded at $48.3750, with a volume of 856,734 shares traded.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SLNO. HC Wainwright reaffirmed a “buy” rating and issued a $110.00 target price (up previously from $100.00) on shares of Soleno Therapeutics in a report on Monday, August 18th. Lifesci Capital upgraded shares of Soleno Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 10th. Wells Fargo & Company restated an “overweight” rating and issued a $106.00 price target (down from $123.00) on shares of Soleno Therapeutics in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Soleno Therapeutics in a report on Wednesday, October 8th. Finally, Guggenheim restated a “buy” rating and set a $106.00 target price on shares of Soleno Therapeutics in a research note on Wednesday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Soleno Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $114.50.

Soleno Therapeutics Stock Up 7.1%

The firm has a market capitalization of $2.66 billion, a PE ratio of -11.96 and a beta of -2.92. The business’s fifty day moving average price is $61.87 and its 200 day moving average price is $72.73. The company has a quick ratio of 15.01, a current ratio of 15.13 and a debt-to-equity ratio of 0.21.

Soleno Therapeutics (NASDAQ:SLNO) last announced its earnings results on Tuesday, November 4th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.39. The company had revenue of $66.02 million during the quarter, compared to analysts’ expectations of $47.46 million. On average, equities research analysts forecast that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SLNO. Adage Capital Partners GP L.L.C. boosted its stake in shares of Soleno Therapeutics by 58.2% in the first quarter. Adage Capital Partners GP L.L.C. now owns 4,392,696 shares of the company’s stock valued at $313,858,000 after buying an additional 1,616,720 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Soleno Therapeutics by 12.8% during the 3rd quarter. Vanguard Group Inc. now owns 2,807,149 shares of the company’s stock worth $189,763,000 after purchasing an additional 319,317 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Soleno Therapeutics by 47.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,400,418 shares of the company’s stock valued at $171,510,000 after purchasing an additional 769,700 shares during the period. Westfield Capital Management Co. LP boosted its holdings in Soleno Therapeutics by 18.0% during the second quarter. Westfield Capital Management Co. LP now owns 1,429,756 shares of the company’s stock worth $119,785,000 after buying an additional 218,511 shares in the last quarter. Finally, State Street Corp grew its position in Soleno Therapeutics by 20.2% during the second quarter. State Street Corp now owns 1,404,983 shares of the company’s stock worth $117,709,000 after buying an additional 235,784 shares during the period. 97.42% of the stock is owned by hedge funds and other institutional investors.

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.