Wells Fargo & Company Begins Coverage on Soleno Therapeutics (NASDAQ:SLNO)

Key Points

• Wells Fargo & Company has initiated coverage on Soleno Therapeutics (NASDAQ: SLNO) with an "overweight" rating and a price target of $123.00, indicating a potential upside of 84.10% from its current price.
• Recent reports from other analysts, such as Piper Sandler and TD Cowen, also suggest a bullish outlook on Soleno, with price targets ranging from $110.00 to $145.00, and most ratings classified as "Buy".
• Soleno Therapeutics reported better-than-expected earnings, with an EPS of ($0.09), surpassing estimates and generating revenue of $32.66 million for the quarter.

Equities researchers at Wells Fargo & Company began coverage on shares of Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage set an "overweight" rating and a $123.00 price target on the stock. Wells Fargo & Company's price target indicates a potential upside of 84.10% from the company's current price.

SLNO has been the topic of a number of other reports. Piper Sandler raised their price target on Soleno Therapeutics from $93.00 to $145.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. TD Cowen began coverage on Soleno Therapeutics in a research note on Monday, June 23rd. They issued a "buy" rating and a $110.00 price target on the stock. Cowen restated a "buy" rating on shares of Soleno Therapeutics in a research note on Thursday, August 7th. HC Wainwright restated a "buy" rating and issued a $110.00 price target (up from $100.00) on shares of Soleno Therapeutics in a research note on Monday. Finally, Guggenheim lifted their target price on Soleno Therapeutics from $97.00 to $106.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company's stock. According to MarketBeat, Soleno Therapeutics presently has a consensus rating of "Buy" and a consensus price target of $115.09.

Soleno Therapeutics Trading Down 1.9%

NASDAQ:SLNO opened at $66.81 on Wednesday. The firm has a market cap of $3.55 billion, a PE ratio of -16.14 and a beta of -2.56. The stock has a fifty day moving average price of $82.58 and a 200 day moving average price of $69.55. Soleno Therapeutics has a 12-month low of $41.50 and a 12-month high of $90.32. The company has a current ratio of 15.13, a quick ratio of 15.01 and a debt-to-equity ratio of 0.21.

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

Insider Activity

In related news, insider Patricia C. Hirano sold 3,830 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $1,092,928.56. This trade represents a 22.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 6.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Soleno Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in SLNO. Adage Capital Partners GP L.L.C. grew its holdings in shares of Soleno Therapeutics by 58.2% during the first quarter. Adage Capital Partners GP L.L.C. now owns 4,392,696 shares of the company's stock worth $313,858,000 after buying an additional 1,616,720 shares during the last quarter. Janus Henderson Group PLC increased its position in Soleno Therapeutics by 27.1% during the 4th quarter. Janus Henderson Group PLC now owns 5,188,265 shares of the company's stock worth $233,130,000 after purchasing an additional 1,107,166 shares during the period. Price T Rowe Associates Inc. MD increased its position 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 worth $171,510,000 after purchasing an additional 769,700 shares during the period. Nantahala Capital Management LLC raised its stake in shares of Soleno Therapeutics by 20.1% during the 4th quarter. Nantahala Capital Management LLC now owns 3,928,966 shares of the company's stock worth $176,607,000 after buying an additional 658,518 shares in the last quarter. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. purchased a new position in shares of Soleno Therapeutics during the 2nd quarter worth approximately $42,089,000. Hedge funds and other 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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