Soleno Therapeutics (NASDAQ:SLNO) Raised to "Hold" at Wall Street Zen

Key Points

• Soleno Therapeutics has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a shift in market sentiment towards the stock.
• Several analysts have raised their target prices for Soleno Therapeutics, with Robert W. Baird setting it at $121 and Piper Sandler at $145, reflecting positive expectations for the company's performance.
• Insider Patricia C. Hirano sold shares of the company, reducing her ownership by 22.48%, highlighting potential concerns about insider confidence in the stock.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday.

A number of other equities research analysts have also recently issued reports on SLNO. Robert W. Baird upped their target price on shares of Soleno Therapeutics from $105.00 to $121.00 and gave the company an "outperform" rating in a report on Friday, July 11th. Piper Sandler upped their target price on Soleno Therapeutics from $93.00 to $145.00 and gave the stock an "overweight" rating in a report on Thursday, April 24th. Stifel Nicolaus increased their price objective on Soleno Therapeutics from $74.00 to $108.00 and gave the company a "buy" rating in a report on Friday, March 28th. TD Cowen initiated coverage on shares of Soleno Therapeutics in a research report on Monday, June 23rd. They set a "buy" rating and a $110.00 price objective for the company. Finally, Cowen assumed coverage on shares of Soleno Therapeutics in a research note on Monday, June 23rd. They set a "buy" rating for the company. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $108.70.

Soleno Therapeutics Stock Down 1.8%

NASDAQ SLNO opened at $86.47 on Friday. The company has a current ratio of 19.64, a quick ratio of 19.64 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $4.36 billion, a price-to-earnings ratio of -18.72 and a beta of -2.63. Soleno Therapeutics has a 1-year low of $41.50 and a 1-year high of $90.32. The stock's 50 day moving average is $81.02 and its two-hundred day moving average is $65.46.

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

Insider Transactions at Soleno Therapeutics

In related news, insider Patricia C. Hirano sold 3,830 shares of Soleno Therapeutics 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 transaction, the insider directly owned 13,206 shares in the company, valued at approximately $1,092,928.56. This trade represents a 22.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC grew its position in Soleno Therapeutics by 17.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 79,001 shares of the company's stock valued at $6,619,000 after acquiring an additional 11,652 shares in the last quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. acquired a new stake in shares of Soleno Therapeutics in the 2nd quarter valued at approximately $42,089,000. KLP Kapitalforvaltning AS boosted its stake in shares of Soleno Therapeutics by 62.8% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 7,000 shares of the company's stock worth $586,000 after acquiring an additional 2,700 shares in the last quarter. Avior Wealth Management LLC increased its position in shares of Soleno Therapeutics by 34.9% in the second quarter. Avior Wealth Management LLC now owns 4,601 shares of the company's stock valued at $385,000 after buying an additional 1,191 shares in the last quarter. Finally, Atle Fund Management AB increased its holdings in Soleno Therapeutics by 9.3% during the 2nd quarter. Atle Fund Management AB now owns 40,532 shares of the company's stock valued at $3,396,000 after acquiring an additional 3,434 shares in the last quarter. 97.42% of the stock is owned by hedge funds and other 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.

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