Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Down to $49.23

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) gapped down before the market opened on Friday . The stock had previously closed at $49.23, but opened at $47.14. Soleno Therapeutics shares last traded at $47.60, with a volume of 521,043 shares changing hands.

Analyst Ratings Changes

Several analysts have weighed in on SLNO shares. Piper Sandler initiated coverage on shares of Soleno Therapeutics in a research note on Monday, February 5th. They issued an “overweight” rating and a $93.00 price target for the company. Stifel Nicolaus began coverage on Soleno Therapeutics in a report on Tuesday, January 23rd. They issued a “buy” rating and a $63.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $55.60.

Soleno Therapeutics Trading Down 8.3 %

The company has a market capitalization of $1.51 billion, a P/E ratio of -15.19 and a beta of -1.51. The stock’s fifty day moving average is $42.89 and its 200 day moving average is $38.42.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings data on Wednesday, March 6th. The company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). On average, analysts expect that Soleno Therapeutics, Inc. will post -1.23 EPS for the current fiscal year.

Insider Transactions at Soleno Therapeutics

In related news, insider Kristen Yen sold 2,218 shares of Soleno Therapeutics stock in a transaction on Monday, April 1st. The shares were sold at an average price of $41.34, for a total value of $91,692.12. Following the sale, the insider now owns 23,422 shares in the company, valued at $968,265.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Kristen Yen sold 2,218 shares of Soleno Therapeutics stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $41.34, for a total transaction of $91,692.12. Following the sale, the insider now directly owns 23,422 shares in the company, valued at $968,265.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Vivo Opportunity, Llc sold 750,000 shares of the business’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $47.80, for a total transaction of $35,850,000.00. Following the sale, the insider now owns 7,668,093 shares in the company, valued at approximately $366,534,845.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 776,373 shares of company stock worth $36,940,260. 23.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Soleno Therapeutics

Large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp bought a new position in Soleno Therapeutics during the 3rd quarter valued at approximately $280,000. Aspiriant LLC purchased a new stake in shares of Soleno Therapeutics in the fourth quarter worth $488,000. Cannon Global Investment Management LLC bought a new position in shares of Soleno Therapeutics during the first quarter valued at $505,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Soleno Therapeutics during the third quarter valued at $685,000. Finally, Maven Securities LTD purchased a new position in shares of Soleno Therapeutics in the 3rd quarter worth about $738,000. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

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.