Soleno Therapeutics (NASDAQ:SLNO) Trading 9.5% Higher - Here's What Happened

Key Points

• Soleno Therapeutics' stock surged 9.5%, reaching a high of $55.67, with trading volume increasing by 48% from its average daily volume.
• Analysts show strong support for the stock, with a consensus buy rating and an average price target of $115.09, highlighting target prices as high as $123.00 from Wells Fargo.
• The company recently reported quarterly earnings of $32.66 million, significantly exceeding analyst estimates, and achieved an EPS of -$0.09 against expectations of -$0.53.

Soleno Therapeutics, Inc. (NASDAQ:SLNO - Get Free Report) rose 9.5% during trading on Thursday . The company traded as high as $55.67 and last traded at $55.84. Approximately 1,789,163 shares changed hands during mid-day trading, an increase of 48% from the average daily volume of 1,207,752 shares. The stock had previously closed at $50.98.

Analyst Upgrades and Downgrades

SLNO has been the topic of a number of research analyst reports. Oppenheimer boosted their price target on Soleno Therapeutics from $105.00 to $110.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. TD Cowen began coverage on Soleno Therapeutics in a report on Monday, June 23rd. They issued a "buy" rating and a $110.00 price target on the stock. Wall Street Zen raised Soleno Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. HC Wainwright reissued a "buy" rating and set a $110.00 target price (up previously from $100.00) on shares of Soleno Therapeutics in a research report on Monday, August 18th. Finally, Robert W. Baird set a $121.00 target price on Soleno Therapeutics and gave the company an "outperform" rating in a research report on Friday, July 11th. One equities research 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.com, the company currently has an average rating of "Buy" and an average target price of $115.09.

Soleno Therapeutics Stock Performance

The stock has a market cap of $2.91 billion, a PE ratio of -13.22 and a beta of -2.72. 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 stock has a 50-day moving average of $73.89 and a 200 day moving average of $71.87.

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

Insider Transactions at Soleno Therapeutics

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 3,830 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $82.76, for a total transaction of $316,970.80. Following the transaction, the insider owned 13,206 shares in the company, valued at approximately $1,092,928.56. The trade was a 22.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 6.40% of the company's stock.

Institutional Investors Weigh In On Soleno Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in shares of Soleno Therapeutics in the 2nd quarter worth approximately $25,000. Nisa Investment Advisors LLC grew its holdings in Soleno Therapeutics by 287.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 539 shares of the company's stock valued at $45,000 after buying an additional 400 shares during the last quarter. Osaic Holdings Inc. grew its holdings in Soleno Therapeutics by 97.7% during the 2nd quarter. Osaic Holdings Inc. now owns 856 shares of the company's stock valued at $72,000 after buying an additional 423 shares during the last quarter. KBC Group NV acquired a new stake in Soleno Therapeutics during the 2nd quarter valued at $77,000. Finally, AlphaQuest LLC grew its holdings 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 buying an additional 268 shares during the last quarter. Institutional investors and hedge funds 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.