Soleno Therapeutics (NASDAQ:SLNO) Stock Price Down 5.8%

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report)'s share price traded down 5.8% on Tuesday . The company traded as low as $44.25 and last traded at $44.27. 154,580 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 359,452 shares. The stock had previously closed at $47.01.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Stifel Nicolaus assumed coverage on shares of Soleno Therapeutics in a research report on Tuesday, January 23rd. They set a "buy" rating and a $63.00 target price on the stock. Oppenheimer reduced their target price on shares of Soleno Therapeutics from $65.00 to $59.00 and set an "outperform" rating on the stock in a research report on Monday, May 13th. Baird R W raised shares of Soleno Therapeutics to a "strong-buy" rating in a research report on Friday, May 10th. Robert W. Baird assumed coverage on shares of Soleno Therapeutics in a research report on Friday, May 10th. They set an "outperform" rating and a $72.00 target price on the stock. Finally, Piper Sandler assumed coverage on shares of Soleno Therapeutics in a research note on Monday, February 5th. They set an "overweight" rating and a $93.00 price objective on the stock. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Soleno Therapeutics has an average rating of "Buy" and an average target price of $60.33.

Soleno Therapeutics Stock Down 5.8 %

The company's 50-day moving average price is $42.44 and its 200-day moving average price is $40.33. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -16.52 and a beta of -1.51.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its earnings results 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). Analysts predict that Soleno Therapeutics, Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Activity at Soleno Therapeutics

In other Soleno Therapeutics news, major shareholder Vivo Opportunity, Llc sold 750,000 shares of the firm's stock in a transaction on Monday, April 29th. The shares were sold at an average price of $47.80, for a total transaction of $35,850,000.00. Following the transaction, the insider now directly owns 7,668,093 shares of the company's stock, valued at approximately $366,534,845.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Bhatnagar Anish sold 18,980 shares of the firm's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $41.34, for a total value of $784,633.20. Following the completion of the sale, the chief executive officer now owns 152,790 shares in the company, valued at approximately $6,316,338.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Vivo Opportunity, Llc sold 750,000 shares of the firm's stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $47.80, for a total transaction 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 approximately $366,534,845.40. The disclosure for this sale can be found here. Insiders have sold 776,373 shares of company stock valued at $36,940,260 in the last ninety days. Insiders own 12.30% of the company's stock.

Institutional Trading of Soleno Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in SLNO. Vivo Capital LLC grew its holdings in shares of Soleno Therapeutics by 162.8% during the fourth quarter. Vivo Capital LLC now owns 8,418,093 shares of the company's stock worth $338,828,000 after buying an additional 5,215,000 shares in the last quarter. Carlyle Group Inc. lifted its position in shares of Soleno Therapeutics by 42.5% during the first quarter. Carlyle Group Inc. now owns 4,071,562 shares of the company's stock worth $173,123,000 after purchasing an additional 1,213,758 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Soleno Therapeutics by 13.7% during the first quarter. Janus Henderson Group PLC now owns 2,870,811 shares of the company's stock worth $122,698,000 after purchasing an additional 346,914 shares in the last quarter. Avoro Capital Advisors LLC lifted its position in shares of Soleno Therapeutics by 107.0% during the first quarter. Avoro Capital Advisors LLC now owns 1,625,000 shares of the company's stock worth $69,550,000 after purchasing an additional 840,000 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Soleno Therapeutics during the third quarter worth $39,160,000. Institutional investors and hedge funds own 97.42% of the company's stock.

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.

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