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

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $50.00, but opened at $53.33. Soleno Therapeutics shares last traded at $49.7560, with a volume of 859,773 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SLNO shares. Wall Street Zen raised Soleno Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. The Goldman Sachs Group set a $125.00 price objective on shares of Soleno Therapeutics and gave the stock a “buy” rating in a research note on Tuesday, October 7th. HC Wainwright reaffirmed a “buy” rating and set a $110.00 price objective (up from $100.00) on shares of Soleno Therapeutics in a report on Monday, August 18th. Wells Fargo & Company reiterated an “overweight” rating and issued a $106.00 target price (down previously from $123.00) on shares of Soleno Therapeutics in a report on Wednesday, November 5th. Finally, Lifesci Capital upgraded shares of Soleno Therapeutics to a “strong-buy” rating in a report on Wednesday, September 10th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Soleno Therapeutics presently has an average rating of “Buy” and a consensus price target of $111.46.

Soleno Therapeutics Stock Performance

The firm has a fifty day simple moving average of $56.34 and a 200 day simple moving average of $68.73. The company has a current ratio of 16.08, a quick ratio of 15.88 and a debt-to-equity ratio of 0.10. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of -26.90 and a beta of -3.15.

Soleno Therapeutics (NASDAQ:SLNO) last issued its earnings results on Tuesday, November 4th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.39. The firm had revenue of $66.02 million during the quarter, compared to analyst estimates of $47.46 million. As a group, sell-side analysts expect that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Institutional Trading of Soleno Therapeutics

Institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP raised its holdings in shares of Soleno Therapeutics by 272.3% in the third quarter. Wellington Management Group LLP now owns 2,312,095 shares of the company’s stock valued at $156,298,000 after buying an additional 1,691,057 shares during the last quarter. Adage Capital Partners GP L.L.C. raised 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 worth $313,858,000 after acquiring an additional 1,616,720 shares during the last quarter. Braidwell LP acquired a new position in shares of Soleno Therapeutics during the third quarter worth approximately $86,662,000. Invesco Ltd. grew its stake in shares of Soleno Therapeutics by 132.3% during the third quarter. Invesco Ltd. now owns 1,500,525 shares of the company’s stock valued at $101,435,000 after purchasing an additional 854,551 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Soleno Therapeutics by 47.2% during 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 last quarter. 97.42% of the stock is currently owned by institutional investors and hedge funds.

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.