Soleno Therapeutics (NASDAQ:SLNO) Stock Price Up 9.5% - Should You Buy?

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)'s stock price rose 9.5% on Thursday . The stock traded as high as $55.67 and last traded at $55.84. Approximately 1,789,163 shares were traded during trading, an increase of 48% from the average daily volume of 1,207,752 shares. The stock had previously closed at $50.98.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SLNO. Wells Fargo & Company began coverage on shares of Soleno Therapeutics in a report on Wednesday, August 20th. They issued an "overweight" rating and a $123.00 price objective on the stock. HC Wainwright reaffirmed a "buy" rating and set a $110.00 price objective (up from $100.00) on shares of Soleno Therapeutics in a report on Monday, August 18th. Cowen reiterated a "buy" rating on shares of Soleno Therapeutics in a research report on Thursday, August 7th. TD Cowen started coverage on shares of Soleno Therapeutics in a research report on Monday, June 23rd. They set a "buy" rating and a $110.00 price objective for the company. Finally, Robert W. Baird set a $121.00 price target on shares of Soleno Therapeutics and gave the company an "outperform" rating in a research report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $115.09.

Soleno Therapeutics Stock Up 3.4%

The business's 50 day moving average is $73.37 and its 200-day moving average is $72.33. The company has a debt-to-equity ratio of 0.21, a current ratio of 15.13 and a quick ratio of 15.01. The company has a market cap of $3.01 billion, a PE ratio of -13.67 and a beta of -2.71.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.44. The company had revenue of $32.66 million for the quarter, compared to analysts' expectations of $3.91 million. As a group, analysts predict 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 the business's stock in a transaction that occurred 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 6.40% of the company's stock.

Institutional Trading of Soleno Therapeutics

Several institutional investors have recently modified their holdings of SLNO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Soleno Therapeutics by 1.1% in 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 buying an additional 189 shares during the period. Moody Aldrich Partners LLC increased its stake in Soleno Therapeutics by 0.7% in the 1st quarter. Moody Aldrich Partners LLC now owns 29,810 shares of the company's stock valued at $2,130,000 after buying an additional 196 shares during the period. Avanza Fonder AB increased its stake in Soleno Therapeutics by 14.8% in the 1st quarter. Avanza Fonder AB now owns 1,951 shares of the company's stock valued at $144,000 after buying an additional 251 shares during the period. AlphaQuest LLC increased its stake in Soleno Therapeutics by 37.5% in 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 period. Finally, Raymond James Financial Inc. acquired a new position in shares of Soleno Therapeutics during the 2nd quarter worth $25,000. 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.