Soleno Therapeutics (NASDAQ:SLNO) Trading Down 8.9% - What's Next?

Key Points

• Soleno Therapeutics' stock fell by 8.9% on Wednesday, trading at $63.95, with a significant decline in trading volume of 86% compared to usual levels.
• Analysts have set varying price targets for the stock, with a consensus target of $115.09 and the majority rating it as a "Buy."
• The company reported a substantial earnings per share beat last quarter, posting ($0.09) compared to the expected ($0.53), signaling positive financial performance amid the stock's decline.

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) traded down 8.9% on Wednesday . The stock traded as low as $66.80 and last traded at $63.95. 153,652 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 1,118,818 shares. The stock had previously closed at $70.21.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SLNO shares. Robert W. Baird set a $121.00 target price on Soleno Therapeutics and gave the stock an "outperform" rating in a report on Friday, July 11th. Wall Street Zen upgraded shares of Soleno Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. HC Wainwright reissued a "buy" rating and issued a $110.00 target price (up previously from $100.00) on shares of Soleno Therapeutics in a research note on Monday, August 18th. Cowen reiterated a "buy" rating on shares of Soleno Therapeutics in a report on Thursday, August 7th. Finally, Wells Fargo & Company began coverage on Soleno Therapeutics in a research note on Wednesday, August 20th. They set an "overweight" rating and a $123.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. According to data from MarketBeat.com, Soleno Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $115.09.

Soleno Therapeutics Trading Down 14.7%

The company has a current ratio of 15.13, a quick ratio of 15.01 and a debt-to-equity ratio of 0.21. The business's 50-day simple moving average is $78.83 and its two-hundred day simple moving average is $71.58. The company has a market capitalization of $3.18 billion, a PE ratio of -14.48 and a beta of -2.72.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $32.66 million during the quarter, compared to analysts' expectations of $3.91 million. On average, analysts predict that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Insider Buying and Selling

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 3,830 shares of the 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 transaction, the insider directly owned 13,206 shares in the company, valued at $1,092,928.56. This represents a 22.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 6.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. boosted its stake in Soleno Therapeutics by 58.2% during 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 acquiring an additional 1,616,720 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Soleno Therapeutics by 47.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,400,418 shares of the company's stock valued at $171,510,000 after acquiring an additional 769,700 shares during the last quarter. Westfield Capital Management Co. LP boosted its stake in Soleno Therapeutics by 18.0% during the 2nd quarter. Westfield Capital Management Co. LP now owns 1,429,756 shares of the company's stock valued at $119,785,000 after acquiring an additional 218,511 shares during the last quarter. State Street Corp boosted its stake in Soleno Therapeutics by 20.2% during the 2nd quarter. State Street Corp now owns 1,404,983 shares of the company's stock valued at $117,709,000 after acquiring an additional 235,784 shares during the last quarter. Finally, Vestal Point Capital LP boosted its stake in Soleno Therapeutics by 47.2% during the 4th quarter. Vestal Point Capital LP now owns 1,060,000 shares of the company's stock valued at $47,647,000 after acquiring an additional 340,000 shares during the last quarter. 97.42% of the stock is currently owned by institutional investors.

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.

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