Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Down - Time to Sell?

Key Points

• Soleno Therapeutics shares dropped significantly, opening at $66.30 from a previous close of $77.36, marking an approximate 8.9% decline.
• Numerous analysts have increased their target prices for Soleno, with Guggenheim raising it from $97 to $106 and Oppenheimer boosting it to $110, supporting a consensus rating of "Buy" with a target of $113.30.
• Insider Patricia C. Hirano sold over 3,800 shares of Soleno at around $82.76 per share, reducing her holding by approximately 22.48%.

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $77.36, but opened at $66.30. Soleno Therapeutics shares last traded at $69.67, with a volume of 2,313,848 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SLNO. Guggenheim boosted their target price on shares of Soleno Therapeutics from $97.00 to $106.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Wall Street Zen upgraded Soleno Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. TD Cowen initiated coverage on Soleno Therapeutics in a report on Monday, June 23rd. They set a "buy" rating and a $110.00 price objective on the stock. Oppenheimer lifted their target price on Soleno Therapeutics from $105.00 to $110.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, Wells Fargo & Company assumed coverage on Soleno Therapeutics in a research report on Wednesday. They set an "overweight" rating and a $123.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $115.09.

Soleno Therapeutics Trading Up 3.2%

The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.01 and a current ratio of 15.13. The stock has a market cap of $3.66 billion, a P/E ratio of -16.65 and a beta of -2.56. The stock has a 50-day moving average price of $82.37 and a 200-day moving average price of $69.55.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates of ($0.53) by $0.44. The company had revenue of $32.66 million during the quarter, compared to analysts' expectations of $3.91 million. On average, equities research analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Insider Buying and Selling at Soleno Therapeutics

In other news, insider Patricia C. Hirano sold 3,830 shares of Soleno Therapeutics stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $82.76, for a total transaction of $316,970.80. Following the completion of the sale, the insider directly owned 13,206 shares of the company's stock, valued at approximately $1,092,928.56. The trade was a 22.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 6.40% of the company's stock.

Institutional Investors Weigh In On Soleno Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Soleno Therapeutics by 1.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,360 shares of the company's stock valued at $1,242,000 after purchasing an additional 189 shares during the last quarter. Moody Aldrich Partners LLC lifted its position in Soleno Therapeutics by 0.7% in the 1st quarter. Moody Aldrich Partners LLC now owns 29,810 shares of the company's stock worth $2,130,000 after buying an additional 196 shares during the last quarter. Avanza Fonder AB boosted its stake in Soleno Therapeutics by 14.8% in the first quarter. Avanza Fonder AB now owns 1,951 shares of the company's stock worth $144,000 after buying an additional 251 shares in the last quarter. AlphaQuest LLC grew its position in 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 acquiring an additional 268 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Soleno Therapeutics during the second quarter worth approximately $25,000. Institutional investors own 97.42% of the company's stock.

Soleno Therapeutics Company Profile

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.