Soleno Therapeutics (NASDAQ:SLNO) Hits New 52-Week High - Here's Why

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) shares reached a new 52-week high on Monday . The company traded as high as $76.60 and last traded at $76.49, with a volume of 532191 shares changing hands. The stock had previously closed at $75.23.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SLNO. Stifel Nicolaus lifted their price objective on shares of Soleno Therapeutics from $74.00 to $108.00 and gave the stock a "buy" rating in a research report on Friday, March 28th. Piper Sandler increased their price target on shares of Soleno Therapeutics from $93.00 to $145.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. Robert W. Baird boosted their price objective on Soleno Therapeutics from $102.00 to $105.00 and gave the stock an "outperform" rating in a report on Thursday. Lifesci Capital raised Soleno Therapeutics to a "strong-buy" rating in a research report on Tuesday, February 4th. Finally, Cantor Fitzgerald lifted their price target on Soleno Therapeutics from $67.00 to $123.00 and gave the stock an "overweight" rating in a report on Thursday, March 27th. Eight equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $106.78.

Soleno Therapeutics Stock Performance

The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of -23.12 and a beta of -2.67. The firm has a fifty day moving average price of $62.61 and a 200-day moving average price of $54.19.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.95) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.14) by $0.19. On average, sell-side analysts forecast that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Insider Activity

In other Soleno Therapeutics news, CFO James H. Mackaness sold 90,622 shares of the stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $69.44, for a total value of $6,292,791.68. Following the completion of the transaction, the chief financial officer now directly owns 105,176 shares in the company, valued at approximately $7,303,421.44. This trade represents a 46.28 % 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 this link. Also, CEO Bhatnagar Anish sold 699,095 shares of the company's stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $67.62, for a total value of $47,272,803.90. Following the completion of the transaction, the chief executive officer now directly owns 577,076 shares of the company's stock, valued at $39,021,879.12. This represents a 54.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 942,672 shares of company stock worth $64,058,781. Insiders own 12.30% of the company's stock.

Institutional Investors Weigh In On Soleno Therapeutics

Several hedge funds have recently added to or reduced their stakes in SLNO. AlphaQuest LLC raised its stake in shares of Soleno Therapeutics by 1,154.4% during the fourth quarter. AlphaQuest LLC now owns 715 shares of the company's stock valued at $32,000 after acquiring an additional 658 shares during the last quarter. US Bancorp DE acquired a new stake in Soleno Therapeutics in the fourth quarter valued at $34,000. Avanza Fonder AB bought a new position in Soleno Therapeutics during the 4th quarter worth $76,000. Springhill Fund Asset Management HK Co Ltd acquired a new position in Soleno Therapeutics during the 4th quarter worth about $81,000. Finally, Avior Wealth Management LLC bought a new stake in shares of Soleno Therapeutics in the 4th quarter valued at about $89,000. 97.42% of the stock is currently owned by institutional investors and hedge funds.

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.