Soleno Therapeutics (NASDAQ:SLNO) Given New $110.00 Price Target at Oppenheimer

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 report issued on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Oppenheimer's price objective indicates a potential upside of 33.58% from the company's previous close.

Several other research firms have also issued reports on SLNO. Piper Sandler increased their price target on shares of Soleno Therapeutics from $93.00 to $145.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. Wall Street Zen raised shares of Soleno Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. HC Wainwright reissued a "buy" rating and issued a $100.00 price target on shares of Soleno Therapeutics in a research report on Tuesday, April 15th. TD Cowen initiated coverage on shares of Soleno Therapeutics in a research report on Monday, June 23rd. They issued a "buy" rating and a $110.00 price target for the company. Finally, Guggenheim increased their price target on shares of Soleno Therapeutics from $81.00 to $97.00 and gave the stock 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's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $113.30.

Soleno Therapeutics Stock Up 4.6%

Shares of Soleno Therapeutics stock traded up $3.64 on Thursday, hitting $82.35. 1,068,500 shares of the company traded hands, compared to its average volume of 1,254,333. The company has a 50-day moving average price of $82.66 and a 200 day moving average price of $68.21. The company has a quick ratio of 19.64, a current ratio of 15.13 and a debt-to-equity ratio of 0.21. 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 $4.38 billion, a PE ratio of -19.89 and a beta of -2.56.

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 firm had revenue of $32.66 million for the quarter, compared to analyst estimates of $3.91 million. Sell-side analysts predict that Soleno Therapeutics will post -3.72 earnings per share for the current year.

Insiders Place Their Bets

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 3,830 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $82.76, for a total transaction of $316,970.80. Following the sale, the insider directly owned 13,206 shares of the company's stock, valued at approximately $1,092,928.56. This represents a 22.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 6.40% of the company's stock.

Institutional Trading of Soleno Therapeutics

Large investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its stake in shares of Soleno Therapeutics by 287.8% during the second quarter. Nisa Investment Advisors LLC now owns 539 shares of the company's stock valued at $45,000 after purchasing an additional 400 shares during the last quarter. KBC Group NV bought a new stake in shares of Soleno Therapeutics during the second quarter valued at approximately $77,000. AlphaQuest LLC grew its stake in shares of Soleno Therapeutics by 37.5% during the first quarter. AlphaQuest LLC now owns 983 shares of the company's stock valued at $70,000 after purchasing an additional 268 shares during the last quarter. Quarry LP bought a new stake in shares of Soleno Therapeutics during the first quarter valued at approximately $121,000. Finally, Avanza Fonder AB grew its stake in shares of Soleno Therapeutics by 14.8% during the first quarter. Avanza Fonder AB now owns 1,951 shares of the company's stock valued at $144,000 after purchasing an additional 251 shares during the last quarter. 97.42% of the stock is owned by institutional investors.

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.