Soleno Therapeutics (NASDAQ:SLNO) Trading Up 7% - Should You Buy?

Key Points

• Soleno Therapeutics' shares rose by 7% during trading, reaching a high of $62.63, despite a significant decrease in trading volume of 79% from the average.
• Analysts have provided mostly positive ratings for Soleno Therapeutics, with a consensus rating of "Moderate Buy" and an average price target of $115.92, following various upgrades from multiple financial institutions.
• In its latest earnings report, Soleno Therapeutics reported earnings per share of ($0.09), significantly outperforming analysts' estimates, with a revenue of $32.66 million compared to expected $3.91 million.

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) shares traded up 7% during trading on Tuesday . The stock traded as high as $62.63 and last traded at $62.55. 268,312 shares traded hands during trading, a decline of 79% from the average session volume of 1,285,891 shares. The stock had previously closed at $58.45.

Analyst Upgrades and Downgrades

SLNO has been the subject of a number of recent analyst reports. Guggenheim reiterated a "buy" rating and issued a $106.00 price target on shares of Soleno Therapeutics in a research note on Wednesday, August 27th. Wall Street Zen raised shares of Soleno Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. The Goldman Sachs Group set a $125.00 price target on shares of Soleno Therapeutics and gave the company a "buy" rating in a report on Tuesday. Robert W. Baird set a $121.00 price target on shares of Soleno Therapeutics and gave the company an "outperform" rating in a report on Friday, July 11th. Finally, TD Cowen initiated coverage on shares of Soleno Therapeutics in a research report on Monday, June 23rd. They issued a "buy" rating and a $110.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Soleno Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $115.92.

Soleno Therapeutics Stock Performance

The company has a market cap of $3.30 billion, a P/E ratio of -14.99 and a beta of -2.75. The company's 50-day moving average is $68.50 and its two-hundred day moving average is $73.32. The company has a quick ratio of 15.01, a current ratio of 15.13 and a debt-to-equity ratio of 0.21.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.09) earnings per share 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 the consensus estimate of $3.91 million. Equities analysts predict that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SLNO. Adage Capital Partners GP L.L.C. boosted 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 worth $313,858,000 after purchasing an additional 1,616,720 shares during the period. 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 worth $171,510,000 after buying an additional 769,700 shares during the last quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. bought a new stake in shares of Soleno Therapeutics during the second quarter worth $42,089,000. Sofinnova Investments Inc. lifted its position in shares of Soleno Therapeutics by 1,026.2% during the second quarter. Sofinnova Investments Inc. now owns 415,219 shares of the company's stock worth $34,787,000 after purchasing an additional 460,048 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Soleno Therapeutics by 3,789.4% during the first quarter. Invesco Ltd. now owns 467,193 shares of the company's stock valued at $33,381,000 after buying an additional 455,181 shares during the period. 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.

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