Soleno Therapeutics, Inc. (NASDAQ:SLNO) Sees Large Increase in Short Interest

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) was the recipient of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 2,300,000 shares, an increase of 36.9% from the February 29th total of 1,680,000 shares. Based on an average trading volume of 294,800 shares, the days-to-cover ratio is currently 7.8 days. Approximately 12.2% of the shares of the company are sold short.

Insider Buying and Selling at Soleno Therapeutics

In other Soleno Therapeutics news, CEO Bhatnagar Anish sold 2,527 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $48.30, for a total value of $122,054.10. Following the transaction, the chief executive officer now directly owns 171,770 shares of the company's stock, valued at approximately $8,296,491. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 23.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SLNO. Shell Asset Management Co. acquired a new stake in Soleno Therapeutics in the fourth quarter valued at approximately $84,000. Virtus ETF Advisers LLC acquired a new position in shares of Soleno Therapeutics during the fourth quarter worth $100,000. Renaissance Technologies LLC lifted its holdings in shares of Soleno Therapeutics by 10.7% during the fourth quarter. Renaissance Technologies LLC now owns 49,754 shares of the company's stock worth $99,000 after purchasing an additional 4,800 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Soleno Therapeutics by 10.6% during the third quarter. Vanguard Group Inc. now owns 55,251 shares of the company's stock worth $1,630,000 after purchasing an additional 5,312 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Soleno Therapeutics by 898.5% during the third quarter. Tower Research Capital LLC TRC now owns 7,299 shares of the company's stock worth $215,000 after purchasing an additional 6,568 shares during the period. 97.42% of the stock is owned by institutional investors.

Soleno Therapeutics Price Performance

NASDAQ:SLNO traded down $0.05 during mid-day trading on Friday, reaching $42.80. The stock had a trading volume of 577,731 shares, compared to its average volume of 444,070. The stock has a 50-day simple moving average of $46.27 and a two-hundred day simple moving average of $34.72. The stock has a market capitalization of $1.39 billion, a PE ratio of -14.41 and a beta of -1.53. Soleno Therapeutics has a 12 month low of $2.10 and a 12 month high of $53.82.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last announced its quarterly earnings data on Wednesday, March 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.02). Equities analysts expect that Soleno Therapeutics will post -1.23 EPS for the current year.

Analyst Upgrades and Downgrades

SLNO has been the topic of several recent research reports. Piper Sandler initiated coverage on shares of Soleno Therapeutics in a report on Monday, February 5th. They set an "overweight" rating and a $93.00 target price on the stock. Stifel Nicolaus initiated coverage on shares of Soleno Therapeutics in a report on Tuesday, January 23rd. They set a "buy" rating and a $63.00 target price on the stock. Finally, Oppenheimer raised their target price on shares of Soleno Therapeutics from $44.00 to $47.00 and gave the stock an "outperform" rating in a report on Tuesday, January 2nd. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $55.60.

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.