Soleno Therapeutics (NASDAQ:SLNO) Trading Down 9% - Here's Why

Key Points

• Soleno Therapeutics' stock dropped9% during trading, with a last traded price of $61.53, down from a previous close of $67.60.
• Research analysts have a positive outlook on SLNO, with multiple firms assigning a buy rating and price targets ranging from $106 to $123.
• In the latest quarterly earnings report, Soleno Therapeutics reported earnings per share of ($0.09), significantly exceeding analysts' expectations of ($0.53), alongside a revenue of $32.66 million.

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) was down 9% during trading on Wednesday . The company traded as low as $62.61 and last traded at $61.53. Approximately 362,810 shares changed hands during trading, a decline of 71% from the average daily volume of 1,271,376 shares. The stock had previously closed at $67.60.

Wall Street Analyst Weigh In

SLNO has been the subject of several recent research reports. TD Cowen began coverage on shares of Soleno Therapeutics in a report on Monday, June 23rd. They issued a "buy" rating and a $110.00 price target for the company. Robert W. Baird set a $121.00 target price on Soleno Therapeutics and gave the company an "outperform" rating in a research note on Friday, July 11th. Wall Street Zen raised Soleno Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Wells Fargo & Company began coverage on shares of Soleno Therapeutics in a research note on Wednesday, August 20th. They set an "overweight" rating and a $123.00 price target on the stock. Finally, Guggenheim reissued a "buy" rating and issued a $106.00 target price on shares of Soleno Therapeutics in a research report on Wednesday, August 27th. One investment analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company's stock. Based on data from MarketBeat, Soleno Therapeutics has an average rating of "Buy" and an average price target of $115.09.

Soleno Therapeutics Trading Down 12.4%

The company has a quick ratio of 15.01, a current ratio of 15.13 and a debt-to-equity ratio of 0.21. The company's 50-day moving average is $70.73 and its 200 day moving average is $72.88. The company has a market cap of $3.15 billion, a price-to-earnings ratio of -14.38 and a beta of -2.71.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SLNO. Raymond James Financial Inc. purchased a new stake in shares of Soleno Therapeutics during the second quarter worth $25,000. Nisa Investment Advisors LLC boosted its position in Soleno Therapeutics by 287.8% during the second quarter. Nisa Investment Advisors LLC now owns 539 shares of the company's stock worth $45,000 after acquiring an additional 400 shares during the last quarter. AlphaQuest LLC grew its stake in Soleno Therapeutics by 37.5% during the 1st quarter. AlphaQuest LLC now owns 983 shares of the company's stock valued at $70,000 after acquiring an additional 268 shares in the last quarter. Osaic Holdings Inc. raised its holdings in Soleno Therapeutics by 97.7% in the 2nd quarter. Osaic Holdings Inc. now owns 856 shares of the company's stock valued at $72,000 after acquiring an additional 423 shares during the last quarter. Finally, KBC Group NV purchased a new position in Soleno Therapeutics in the 2nd quarter worth approximately $77,000. Hedge funds and other 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.

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