Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Down to $49.23

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $49.23, but opened at $47.14. Soleno Therapeutics shares last traded at $47.60, with a volume of 521,043 shares traded.

Analyst Upgrades and Downgrades

SLNO has been the topic of a number of research analyst reports. Piper Sandler began coverage on Soleno Therapeutics in a report on Monday, February 5th. They issued an "overweight" rating and a $93.00 target price on the stock. Stifel Nicolaus began coverage on Soleno Therapeutics in a research report on Tuesday, January 23rd. They issued a "buy" rating and a $63.00 target price on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $55.60.

Soleno Therapeutics Trading Down 8.3 %

The company has a market capitalization of $1.51 billion, a P/E ratio of -15.19 and a beta of -1.51. The stock has a 50 day moving average price of $42.89 and a 200 day moving average price of $38.42.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last posted its earnings results on Wednesday, March 6th. The company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). On average, research analysts predict that Soleno Therapeutics, Inc. will post -1.23 EPS for the current year.

Insider Activity at Soleno Therapeutics

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 18,980 shares of the business's stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $41.34, for a total transaction of $784,633.20. Following the sale, the chief executive officer now directly owns 152,790 shares of the company's stock, valued at approximately $6,316,338.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, major shareholder Vivo Opportunity, Llc sold 750,000 shares of the stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $47.80, for a total value of $35,850,000.00. Following the completion of the sale, the insider now owns 7,668,093 shares of the company's stock, valued at $366,534,845.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Bhatnagar Anish sold 18,980 shares of the firm's stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $41.34, for a total value of $784,633.20. Following the transaction, the chief executive officer now owns 152,790 shares of the company's stock, valued at $6,316,338.60. The disclosure for this sale can be found here. Insiders sold a total of 776,373 shares of company stock worth $36,940,260 in the last quarter. 23.70% of the stock is owned by insiders.

Institutional Trading of Soleno Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLNO. Bank of New York Mellon Corp bought a new stake in shares of Soleno Therapeutics in the 3rd quarter valued at $280,000. Aspiriant LLC acquired a new stake in Soleno Therapeutics during the 4th quarter worth about $488,000. Cannon Global Investment Management LLC acquired a new stake in Soleno Therapeutics during the 1st quarter worth about $505,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Soleno Therapeutics in the 3rd quarter worth about $685,000. Finally, Maven Securities LTD acquired a new position in shares of Soleno Therapeutics in the 3rd quarter valued at about $738,000. 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.

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