Soleno Therapeutics (NASDAQ:SLNO) Stock Price Expected to Rise, Oppenheimer Analyst Says

Key Points

• Oppenheimer raised the price target for Soleno Therapeutics from $105.00 to $110.00, indicating a potential upside of 36.82% from the stock's previous close.
• Soleno reported better-than-expected quarterly earnings, with an EPS of ($0.09), surpassing analysts' consensus estimate of ($0.53).
• Analysts overwhelmingly favor the stock with ten buy ratings and an average consensus target price of $112.40.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) had its price objective boosted by equities researchers at Oppenheimer from $105.00 to $110.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Oppenheimer's price objective points to a potential upside of 27.38% from the company's previous close.

A number of other research analysts also recently commented on the stock. Piper Sandler raised their target price on shares of Soleno Therapeutics from $93.00 to $145.00 and gave the company an "overweight" rating in a research report on Thursday, April 24th. Cowen started coverage on shares of Soleno Therapeutics in a research note on Monday, June 23rd. They set a "buy" rating on the stock. HC Wainwright reissued a "buy" rating and set a $100.00 price target on shares of Soleno Therapeutics in a research report on Tuesday, April 15th. TD Cowen started coverage on shares of Soleno Therapeutics in a research note on Monday, June 23rd. They set a "buy" rating and a $110.00 target price on the stock. Finally, Guggenheim lifted their price objective on shares of Soleno Therapeutics from $81.00 to $97.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Soleno Therapeutics has an average rating of "Buy" and a consensus target price of $113.30.

Soleno Therapeutics Price Performance

NASDAQ:SLNO traded up $4.01 during mid-day trading on Thursday, hitting $86.36. 928,826 shares of the stock traded hands, compared to its average volume of 1,060,440. Soleno Therapeutics has a 12-month low of $41.50 and a 12-month high of $90.32. The company has a market cap of $4.59 billion, a PE ratio of -21.02 and a beta of -2.56. The company has a quick ratio of 15.01, a current ratio of 15.13 and a debt-to-equity ratio of 0.21. The business's 50-day moving average price is $82.66 and its 200 day moving average price is $68.35.

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

Insider Activity

In other news, insider Patricia C. Hirano sold 3,830 shares of the business's stock in a transaction that occurred 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 completion of the sale, the insider owned 13,206 shares in the company, valued at $1,092,928.56. The trade was a 22.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 6.40% of the company's stock.

Hedge Funds Weigh In On Soleno Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in shares of Soleno Therapeutics by 20.8% during the 2nd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 44,068 shares of the company's stock worth $3,692,000 after buying an additional 7,573 shares in the last quarter. Persistent Asset Partners Ltd raised its holdings in Soleno Therapeutics by 205.3% during the 2nd quarter. Persistent Asset Partners Ltd now owns 65,319 shares of the company's stock valued at $5,472,000 after acquiring an additional 43,923 shares during the period. Intech Investment Management LLC raised its holdings in Soleno Therapeutics by 283.4% during the 2nd quarter. Intech Investment Management LLC now owns 29,206 shares of the company's stock valued at $2,447,000 after acquiring an additional 21,588 shares during the period. Creative Planning bought a new stake in Soleno Therapeutics during the 2nd quarter valued at $338,000. Finally, Police & Firemen s Retirement System of New Jersey raised its holdings in Soleno Therapeutics by 56.7% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 9,117 shares of the company's stock valued at $764,000 after acquiring an additional 3,298 shares during the period. Institutional investors 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.