Soleno Therapeutics (NASDAQ:SLNO) Shares Down 2.5% Following Insider Selling

Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s stock price traded down 2.5% during mid-day trading on Monday following insider selling activity. The company traded as low as $45.28 and last traded at $45.28. 6,739 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 352,929 shares. The stock had previously closed at $46.46.

Specifically, CEO Bhatnagar Anish sold 10,937 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total value of $496,649.17. Following the sale, the chief executive officer now directly owns 708,616 shares in the company, valued at approximately $32,178,252.56. This represents a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO James H. Mackaness sold 4,083 shares of Soleno Therapeutics stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $45.41, for a total value of $185,409.03. Following the sale, the chief financial officer now directly owns 115,089 shares of the company’s stock, valued at approximately $5,226,191.49. This trade represents a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, insider Kristen Yen sold 2,340 shares of Soleno Therapeutics stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $46.18, for a total value of $108,061.20. Following the transaction, the insider now owns 76,605 shares of the company’s stock, valued at $3,537,618.90. The trade was a 2.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SLNO. HC Wainwright reissued a “buy” rating and issued a $70.00 price objective on shares of Soleno Therapeutics in a report on Monday, December 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $67.00 target price on shares of Soleno Therapeutics in a research report on Friday, September 20th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $74.00 price target on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Robert W. Baird reissued an “outperform” rating and issued a $72.00 target price on shares of Soleno Therapeutics in a research note on Monday, December 2nd. Finally, Oppenheimer increased their price target on shares of Soleno Therapeutics from $65.00 to $73.00 and gave the company an “outperform” rating in a research note on Monday, October 28th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $74.83.

Soleno Therapeutics Price Performance

The firm’s 50-day simple moving average is $50.85 and its two-hundred day simple moving average is $49.31. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of -13.41 and a beta of -1.47.

Soleno Therapeutics (NASDAQ:SLNO) last announced its earnings results on Wednesday, November 6th. The company reported ($1.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). On average, analysts expect that Soleno Therapeutics, Inc. will post -3.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Soleno Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of SLNO. Bank of New York Mellon Corp purchased a new position in shares of Soleno Therapeutics during the 2nd quarter valued at approximately $3,623,000. Rhumbline Advisers bought a new stake in Soleno Therapeutics during the second quarter valued at $1,189,000. TD Asset Management Inc raised its holdings in shares of Soleno Therapeutics by 174.0% during the second quarter. TD Asset Management Inc now owns 57,534 shares of the company’s stock worth $2,347,000 after purchasing an additional 36,534 shares during the period. Victory Capital Management Inc. lifted its position in shares of Soleno Therapeutics by 26.3% in the 2nd quarter. Victory Capital Management Inc. now owns 10,727 shares of the company’s stock worth $438,000 after buying an additional 2,236 shares during the last quarter. Finally, Sofinnova Investments Inc. grew its position in shares of Soleno Therapeutics by 267.7% during the 2nd quarter. Sofinnova Investments Inc. now owns 554,359 shares of the company’s stock valued at $22,618,000 after buying an additional 403,584 shares during the last quarter. 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.