TD Cowen Initiates Coverage on Soleno Therapeutics (NASDAQ:SLNO)

TD Cowen assumed coverage on shares of Soleno Therapeutics (NASDAQ:SLNO - Free Report) in a research note published on Monday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $110.00 price objective on the stock.

A number of other brokerages have also commented on SLNO. Laidlaw raised their target price on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the stock a "buy" rating in a research report on Thursday, March 27th. UBS Group set a $105.00 target price on Soleno Therapeutics in a research report on Thursday, March 27th. Guggenheim upped their target price on Soleno Therapeutics from $81.00 to $97.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Piper Sandler increased their price target on Soleno Therapeutics from $93.00 to $145.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. Finally, Cantor Fitzgerald lifted their price objective on Soleno Therapeutics from $67.00 to $123.00 and gave the company an "overweight" rating in a report on Thursday, March 27th. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $107.10.

Soleno Therapeutics Trading Down 2.1%

Shares of NASDAQ:SLNO traded down $1.77 during trading on Monday, hitting $84.02. The company had a trading volume of 1,035,724 shares, compared to its average volume of 786,922. The company has a debt-to-equity ratio of 0.21, a current ratio of 19.64 and a quick ratio of 19.64. The company has a fifty day simple moving average of $76.04 and a two-hundred day simple moving average of $59.51. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of -18.19 and a beta of -2.69. Soleno Therapeutics has a one year low of $39.41 and a one year high of $86.67.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.95) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.14) by $0.19. As a group, equities analysts forecast that Soleno Therapeutics will post -3.72 earnings per share for the current year.

Insider Activity

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 3,782 shares of Soleno Therapeutics stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $70.11, for a total value of $265,156.02. Following the transaction, the insider now directly owns 27,036 shares of the company's stock, valued at approximately $1,895,493.96. The trade was a 12.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Pauls sold 5,937 shares of the firm's stock in a transaction on Friday, March 28th. The stock was sold at an average price of $71.55, for a total value of $424,792.35. Following the completion of the sale, the director now directly owns 6,500 shares of the company's stock, valued at $465,075. The trade was a 47.74% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,985 shares of company stock worth $712,359. Corporate insiders own 6.40% of the company's stock.

Hedge Funds Weigh In On Soleno Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC raised its position in Soleno Therapeutics by 27.1% during the fourth quarter. Janus Henderson Group PLC now owns 5,188,265 shares of the company's stock worth $233,130,000 after acquiring an additional 1,107,166 shares during the period. Adage Capital Partners GP L.L.C. grew its stake in shares of Soleno Therapeutics by 58.2% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 4,392,696 shares of the company's stock valued at $313,858,000 after buying an additional 1,616,720 shares during the period. Nantahala Capital Management LLC raised its position in Soleno Therapeutics by 20.1% in the fourth quarter. Nantahala Capital Management LLC now owns 3,928,966 shares of the company's stock valued at $176,607,000 after purchasing an additional 658,518 shares during the period. Avoro Capital Advisors LLC boosted its stake in Soleno Therapeutics by 15.8% during the fourth quarter. Avoro Capital Advisors LLC now owns 2,525,000 shares of the company's stock worth $113,499,000 after buying an additional 344,000 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Soleno Therapeutics by 47.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,400,418 shares of the company's stock valued at $171,510,000 after acquiring an additional 769,700 shares during the period. 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.