Soleno Therapeutics (NASDAQ:SLNO) Hits New 12-Month High - What's Next?

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report)'s share price reached a new 52-week high on Thursday . The stock traded as high as $81.38 and last traded at $81.28, with a volume of 485585 shares changing hands. The stock had previously closed at $79.15.

Wall Street Analyst Weigh In

A number of research analysts have commented on SLNO shares. Robert W. Baird upped their price target on Soleno Therapeutics from $102.00 to $105.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Stifel Nicolaus lifted their target price on Soleno Therapeutics from $74.00 to $108.00 and gave the company a "buy" rating in a research report on Friday, March 28th. UBS Group set a $105.00 price objective on shares of Soleno Therapeutics in a report on Thursday, March 27th. HC Wainwright reiterated a "buy" rating and issued a $100.00 price objective on shares of Soleno Therapeutics in a research note on Tuesday, April 15th. Finally, Piper Sandler boosted their target price on Soleno Therapeutics from $93.00 to $145.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Soleno Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $106.78.

Soleno Therapeutics Trading Up 1.0%

The business has a fifty day moving average price of $73.24 and a 200 day moving average price of $57.77. The firm has a market cap of $4.08 billion, a PE ratio of -24.46 and a beta of -2.69.

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 for the quarter, topping the consensus estimate of ($1.14) by $0.19. On average, research analysts expect that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Patricia C. Hirano sold 3,782 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $70.11, for a total transaction of $265,156.02. Following the transaction, the insider now directly owns 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 legal filing with the SEC, which is accessible through this link. Also, Director Matthew Pauls sold 5,937 shares of the stock in a transaction on Friday, March 28th. The stock was sold at an average price of $71.55, for a total transaction of $424,792.35. Following the sale, the director now owns 6,500 shares of the company's stock, valued at approximately $465,075. This represents a 47.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 942,672 shares of company stock worth $64,058,781 in the last quarter. 6.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. increased its stake in Soleno Therapeutics by 58.2% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 4,392,696 shares of the company's stock valued at $313,858,000 after buying an additional 1,616,720 shares during the period. Janus Henderson Group PLC raised its holdings in Soleno Therapeutics by 27.1% during the fourth quarter. Janus Henderson Group PLC now owns 5,188,265 shares of the company's stock worth $233,130,000 after purchasing an additional 1,107,166 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Soleno Therapeutics by 47.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,400,418 shares of the company's stock valued at $171,510,000 after purchasing an additional 769,700 shares during the period. Nantahala Capital Management LLC increased its position in Soleno Therapeutics by 20.1% during the 4th quarter. Nantahala Capital Management LLC now owns 3,928,966 shares of the company's stock worth $176,607,000 after purchasing an additional 658,518 shares during the period. Finally, Invesco Ltd. increased its position in Soleno Therapeutics by 3,789.4% during the 1st quarter. Invesco Ltd. now owns 467,193 shares of the company's stock worth $33,381,000 after purchasing an additional 455,181 shares during the period. 97.42% of the stock is currently 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.