Soleno Therapeutics (NASDAQ:SLNO) Reaches New 1-Year High – Time to Buy?

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) reached a new 52-week high during trading on Thursday . The stock traded as high as $74.00 and last traded at $72.45, with a volume of 664720 shares changing hands. The stock had previously closed at $73.67.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SLNO. Robert W. Baird upped their price objective on shares of Soleno Therapeutics from $72.00 to $102.00 and gave the company an “outperform” rating in a research note on Thursday, March 27th. Laidlaw increased their price objective on Soleno Therapeutics from $75.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday, March 27th. Guggenheim reissued a “buy” rating and set a $81.00 target price (up from $70.00) on shares of Soleno Therapeutics in a research note on Friday, March 28th. UBS Group set a $105.00 price target on Soleno Therapeutics in a research note on Thursday, March 27th. Finally, Cantor Fitzgerald boosted their price objective on shares of Soleno Therapeutics from $67.00 to $123.00 and gave the company an “overweight” rating in a research report on Thursday, March 27th. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $99.63.

Soleno Therapeutics Stock Performance

The stock’s 50 day simple moving average is $50.32 and its 200 day simple moving average is $50.50. The firm has a market capitalization of $3.31 billion, a P/E ratio of -21.73 and a beta of -2.29.

Soleno Therapeutics (NASDAQ:SLNO) last posted its earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($0.41). On average, analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Michael F. Huang sold 14,583 shares of the stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $69.51, for a total transaction of $1,013,664.33. Following the transaction, the vice president now owns 36,817 shares in the company, valued at $2,559,149.67. This trade represents a 28.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Patricia C. Hirano sold 3,782 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $70.11, for a total transaction of $265,156.02. Following the sale, the insider now directly owns 27,036 shares of the company’s stock, valued at $1,895,493.96. This represents a 12.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 945,012 shares of company stock valued at $64,166,842 over the last quarter. 12.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Soleno Therapeutics

A number of institutional investors have recently bought and sold shares of SLNO. AlphaQuest LLC lifted its holdings in shares of Soleno Therapeutics by 1,154.4% in the 4th quarter. AlphaQuest LLC now owns 715 shares of the company’s stock worth $32,000 after acquiring an additional 658 shares during the last quarter. US Bancorp DE purchased a new stake in shares of Soleno Therapeutics in the 4th quarter valued at $34,000. Avanza Fonder AB acquired a new position in Soleno Therapeutics during the 4th quarter worth about $76,000. Springhill Fund Asset Management HK Co Ltd purchased a new position in Soleno Therapeutics during the 4th quarter valued at about $81,000. Finally, Avior Wealth Management LLC acquired a new position in Soleno Therapeutics in the 4th quarter valued at about $89,000. 97.42% of the stock is owned by hedge funds and other institutional investors.

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.