Soleno Therapeutics (NASDAQ:SLNO) Shares Down 9.4% – Time to Sell?

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares dropped 9.4% during trading on Tuesday . The company traded as low as $62.83 and last traded at $63.11. Approximately 1,466,966 shares were traded during mid-day trading, an increase of 116% from the average daily volume of 679,784 shares. The stock had previously closed at $69.64.

Wall Street Analyst Weigh In

SLNO has been the subject of a number of recent research reports. Robert W. Baird boosted their target price on Soleno Therapeutics from $72.00 to $102.00 and gave the stock an “outperform” rating in a research report on Thursday, March 27th. Lifesci Capital raised shares of Soleno Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 4th. Laidlaw boosted their price target on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, March 27th. HC Wainwright lifted their target price on shares of Soleno Therapeutics from $70.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, March 31st. Finally, Stifel Nicolaus increased their price target on Soleno Therapeutics from $74.00 to $108.00 and gave the company a “buy” rating in a research note on Friday, March 28th. Seven analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $99.63.

Soleno Therapeutics Stock Down 15.2 %

The company has a market capitalization of $2.71 billion, a P/E ratio of -17.78 and a beta of -2.29. The firm has a fifty day simple moving average of $51.64 and a 200-day simple moving average of $50.84.

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

Insider Buying and Selling at Soleno Therapeutics

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 699,095 shares of the company’s stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $67.62, for a total value of $47,272,803.90. Following the completion of the transaction, the chief executive officer now directly owns 577,076 shares in the company, valued at approximately $39,021,879.12. This represents a 54.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Patricia C. Hirano sold 3,782 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $70.11, for a total transaction of $265,156.02. Following the completion of the transaction, the insider now owns 27,036 shares in the company, valued at $1,895,493.96. This trade represents a 12.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 942,672 shares of company stock valued at $64,058,781 in the last quarter. Company insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. AlphaQuest LLC raised its stake in 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 purchasing an additional 658 shares in the last quarter. US Bancorp DE purchased a new stake in Soleno Therapeutics in the fourth quarter worth $34,000. Avanza Fonder AB bought a new position in Soleno Therapeutics in the fourth quarter worth $76,000. Springhill Fund Asset Management HK Co Ltd bought a new position in Soleno Therapeutics in the fourth quarter worth $81,000. Finally, Avior Wealth Management LLC purchased a new position in Soleno Therapeutics during the fourth quarter valued at $89,000. 97.42% of the stock is owned by hedge funds and other institutional investors.

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.