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

Key Points

• Soleno Therapeutics (NASDAQ:SLNO) experienced a 20.1% increase in short interest in August, bringing the total to 7,580,000 shares, which represents approximately 16.5% of the company's shares sold short.
• The company has received multiple analyst upgrades, with a consensus rating of "Buy" and a target price of $115.09 following recommendations from firms like Guggenheim and Oppenheimer.
• Soleno Therapeutics reported a quarterly earnings surprise with an EPS of ($0.09), significantly beating the consensus estimate and generating revenue of $32.66 million compared to expectations of $3.91 million.

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) was the target of a large growth in short interest in the month of August. As of August 31st, there was short interest totaling 7,580,000 shares, a growth of 20.1% from the August 15th total of 6,310,000 shares. Currently, 16.5% of the company's shares are sold short. Based on an average trading volume of 1,480,000 shares, the short-interest ratio is currently 5.1 days. Based on an average trading volume of 1,480,000 shares, the short-interest ratio is currently 5.1 days. Currently, 16.5% of the company's shares are sold short.

Analysts Set New Price Targets

A number of research firms recently issued reports on SLNO. Guggenheim reissued a "buy" rating and set a $106.00 target price on shares of Soleno Therapeutics in a research note on Wednesday, August 27th. Cowen reissued a "buy" rating on shares of Soleno Therapeutics in a research report on Thursday, August 7th. Lifesci Capital raised shares of Soleno Therapeutics to a "strong-buy" rating in a research report on Wednesday, September 10th. Wall Street Zen raised Soleno Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Oppenheimer lifted their price objective on shares of Soleno Therapeutics from $105.00 to $110.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $115.09.

Soleno Therapeutics Stock Performance

Shares of SLNO stock traded up $1.84 on Monday, reaching $56.58. The stock had a trading volume of 1,962,635 shares, compared to its average volume of 2,067,221. Soleno Therapeutics has a 12 month low of $41.50 and a 12 month high of $90.32. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of -13.67 and a beta of -2.71. The firm's 50-day moving average is $73.37 and its two-hundred day moving average is $72.33. The company has a quick ratio of 15.01, a current ratio of 15.13 and a debt-to-equity ratio of 0.21.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.53) by $0.44. The business had revenue of $32.66 million during the quarter, compared to analyst estimates of $3.91 million. On average, research analysts expect that Soleno Therapeutics will post -3.72 EPS for the current fiscal year.

Insider Transactions at Soleno Therapeutics

In related news, insider Patricia C. Hirano sold 3,830 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $82.76, for a total transaction of $316,970.80. Following the sale, the insider owned 13,206 shares of the company's stock, valued at approximately $1,092,928.56. This trade represents a 22.48% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 6.40% of the company's stock.

Institutional Trading of Soleno Therapeutics

A number of hedge funds have recently modified their holdings of SLNO. Optimize Financial Inc bought a new position in Soleno Therapeutics during the first quarter worth about $274,000. Scientech Research LLC raised its position in shares of Soleno Therapeutics by 120.5% in the first quarter. Scientech Research LLC now owns 11,620 shares of the company's stock valued at $830,000 after buying an additional 6,351 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Soleno Therapeutics by 4,377.3% in the first quarter. GAMMA Investing LLC now owns 3,358 shares of the company's stock valued at $240,000 after buying an additional 3,283 shares during the period. Woodline Partners LP grew its position in Soleno Therapeutics by 16.0% during the first quarter. Woodline Partners LP now owns 349,664 shares of the company's stock worth $24,983,000 after buying an additional 48,102 shares in the last quarter. Finally, Oppenheimer & Co. Inc. acquired a new stake in Soleno Therapeutics during the first quarter worth approximately $232,000. 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.