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

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) saw strong trading volume on Tuesday . 1,012,442 shares were traded during mid-day 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.

Analyst Ratings Changes

Several brokerages have recently issued reports on SLNO. Robert W. Baird boosted their price target on shares of Soleno Therapeutics from $72.00 to $102.00 and gave the company an “outperform” rating in a report on Thursday. Lifesci Capital raised shares of Soleno Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 4th. Cantor Fitzgerald raised their price target on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the company an “overweight” rating in a research note on Thursday. Stifel Nicolaus assumed coverage on Soleno Therapeutics in a research report on Wednesday, March 5th. They set a “buy” rating and a $74.00 price objective for the company. Finally, Laidlaw increased their price objective on Soleno Therapeutics from $75.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday. Six investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Soleno Therapeutics has an average rating of “Buy” and an average price target of $91.17.

Soleno Therapeutics Stock Up 37.6 %

The firm has a market cap of $3.09 billion, a price-to-earnings ratio of -20.30 and a beta of -1.70. The stock’s 50 day moving average is $48.01 and its 200 day moving average is $49.78.

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

Insider Buying and Selling

In related news, insider Kristen Yen sold 2,340 shares of the firm’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 completion of the sale, the insider now directly owns 76,605 shares in the company, valued at approximately $3,537,618.90. This trade represents a 2.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 in the company, valued at approximately $5,226,191.49. This represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,360 shares of company stock worth $790,119 in the last three months. 12.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. FMR LLC boosted its holdings in Soleno Therapeutics by 6,048,754.5% in the third quarter. FMR LLC now owns 665,374 shares of the company’s stock worth $33,595,000 after purchasing an additional 665,363 shares in the last quarter. Barclays PLC boosted its stake in shares of Soleno Therapeutics by 149.3% during the 3rd quarter. Barclays PLC now owns 52,545 shares of the company’s stock worth $2,652,000 after acquiring an additional 31,467 shares in the last quarter. Emerald Advisers LLC increased its holdings in shares of Soleno Therapeutics by 85.4% during the 4th quarter. Emerald Advisers LLC now owns 580,919 shares of the company’s stock valued at $26,112,000 after acquiring an additional 267,585 shares during the last quarter. State Street Corp raised its stake in shares of Soleno Therapeutics by 14.2% in the 3rd quarter. State Street Corp now owns 1,142,169 shares of the company’s stock valued at $57,668,000 after acquiring an additional 142,033 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Soleno Therapeutics by 13.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 217,550 shares of the company’s stock worth $9,779,000 after purchasing an additional 24,953 shares during the last quarter. Institutional investors and hedge funds 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.