Soleno Therapeutics (NASDAQ:SLNO) Sees Unusually-High Trading Volume - Here's What Happened

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) saw strong trading volume on Thursday . 2,126,624 shares changed hands during mid-day trading, an increase of 165% from the previous session's volume of 803,580 shares.The stock last traded at $82.25 and had previously closed at $88.49.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Stifel Nicolaus raised their target price on shares of Soleno Therapeutics from $74.00 to $108.00 and gave the stock a "buy" rating in a report on Friday, March 28th. Cantor Fitzgerald lifted their price target on Soleno Therapeutics from $67.00 to $123.00 and gave the company an "overweight" rating in a report on Thursday, March 27th. Cowen started coverage on Soleno Therapeutics in a report on Monday, June 23rd. They issued a "buy" rating for the company. Piper Sandler lifted their target price on Soleno Therapeutics from $93.00 to $145.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. Finally, Guggenheim lifted their target price on Soleno Therapeutics from $81.00 to $97.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $107.10.

Soleno Therapeutics Stock Performance

The stock has a market cap of $4.05 billion, a P/E ratio of -17.39 and a beta of -2.63. The company has a fifty day moving average of $78.61 and a 200 day moving average of $62.17. The company has a debt-to-equity ratio of 0.21, a current ratio of 19.64 and a quick ratio of 19.64.

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

Insider Buying and Selling

In related 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 sale, the insider owned 13,206 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 6.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Soleno Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SLNO. Harbor Capital Advisors Inc. grew its position in Soleno Therapeutics by 3.3% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 48,498 shares of the company's stock worth $4,063,000 after purchasing an additional 1,567 shares in the last quarter. Rhumbline Advisers grew its position in Soleno Therapeutics by 5.9% during the 1st quarter. Rhumbline Advisers now owns 36,439 shares of the company's stock worth $2,604,000 after purchasing an additional 2,044 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Soleno Therapeutics by 48.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 40,715 shares of the company's stock worth $2,909,000 after purchasing an additional 13,211 shares in the last quarter. Optimize Financial Inc purchased a new position in Soleno Therapeutics during the 1st quarter worth approximately $274,000. Finally, Woodline Partners LP grew its position in Soleno Therapeutics by 16.0% during the 1st quarter. Woodline Partners LP now owns 349,664 shares of the company's stock worth $24,983,000 after purchasing an additional 48,102 shares in the last quarter. 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.