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

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $86.79 and last traded at $85.13, with a volume of 884970 shares changing hands. The stock had previously closed at $83.25.

Wall Street Analysts Forecast Growth

SLNO has been the subject of several research reports. Cowen initiated coverage on Soleno Therapeutics in a report on Monday, June 23rd. They set a "buy" rating for the company. Guggenheim increased their price objective on Soleno Therapeutics from $81.00 to $97.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Laidlaw raised their price target on Soleno Therapeutics from $75.00 to $105.00 and gave the stock a "buy" rating in a report on Thursday, March 27th. Stifel Nicolaus raised their price target on Soleno Therapeutics from $74.00 to $108.00 and gave the stock a "buy" rating in a report on Friday, March 28th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $100.00 price target on shares of Soleno Therapeutics in a report on Tuesday, April 15th. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $107.10.

Soleno Therapeutics Stock Up 0.6%

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 stock has a market capitalization of $4.22 billion, a P/E ratio of -18.13 and a beta of -2.69. The stock has a fifty day moving average price of $76.89 and a 200 day moving average price of $60.45.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last issued 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, research analysts forecast that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Insider Activity

In related news, insider Patricia C. Hirano sold 3,782 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $70.11, for a total value of $265,156.02. Following the sale, the insider owned 27,036 shares in the company, valued at approximately $1,895,493.96. This trade represents a 12.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 6.40% of the company's stock.

Institutional Investors Weigh In On Soleno Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in SLNO. Rhumbline Advisers raised its position in shares of Soleno Therapeutics by 11.8% in the fourth quarter. Rhumbline Advisers now owns 34,395 shares of the company's stock worth $1,546,000 after buying an additional 3,624 shares in the last quarter. New York State Common Retirement Fund raised its position in Soleno Therapeutics by 13.2% during the fourth quarter. New York State Common Retirement Fund now owns 7,717 shares of the company's stock valued at $347,000 after purchasing an additional 900 shares in the last quarter. Bank of New York Mellon Corp raised its position in Soleno Therapeutics by 6.7% during the fourth quarter. Bank of New York Mellon Corp now owns 68,015 shares of the company's stock valued at $3,057,000 after purchasing an additional 4,260 shares in the last quarter. US Bancorp DE purchased a new position in shares of Soleno Therapeutics in the fourth quarter worth about $34,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Soleno Therapeutics by 13.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 217,550 shares of the company's stock worth $9,779,000 after buying an additional 24,953 shares during the period. Hedge funds and other institutional investors own 97.42% of the company's stock.

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.