Soleno Therapeutics, Inc. (NASDAQ:SLNO) Sees Significant Decline in Short Interest

Soleno Therapeutics, Inc. (NASDAQ:SLNO) was the recipient of a large decrease in short interest in November. As of November 15th, there was short interest totalling 4,740,000 shares, a decrease of 23.2% from the October 31st total of 6,170,000 shares. Approximately 14.8% of the shares of the company are sold short. Based on an average daily volume of 654,000 shares, the short-interest ratio is currently 7.2 days.

Insider Transactions at Soleno Therapeutics

In related news, CEO Bhatnagar Anish sold 21,633 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $49.43, for a total transaction of $1,069,319.19. Following the completion of the transaction, the chief executive officer now owns 719,553 shares in the company, valued at $35,567,504.79. The trade was a 2.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kristen Yen sold 3,108 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $49.43, for a total transaction of $153,628.44. Following the sale, the insider now directly owns 81,465 shares of the company’s stock, valued at $4,026,814.95. This represents a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,818 shares of company stock worth $1,622,194 in the last three months. Corporate insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Soleno Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD purchased a new position in Soleno Therapeutics during the 1st quarter valued at about $6,533,000. Sofinnova Investments Inc. grew its position in shares of Soleno Therapeutics by 267.7% during the second quarter. Sofinnova Investments Inc. now owns 554,359 shares of the company’s stock worth $22,618,000 after buying an additional 403,584 shares in the last quarter. TD Asset Management Inc lifted its holdings in Soleno Therapeutics by 174.0% during the 2nd quarter. TD Asset Management Inc now owns 57,534 shares of the company’s stock worth $2,347,000 after buying an additional 36,534 shares during the last quarter. Samlyn Capital LLC boosted its stake in Soleno Therapeutics by 128.9% in the second quarter. Samlyn Capital LLC now owns 501,049 shares of the company’s stock valued at $20,443,000 after acquiring an additional 282,122 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in Soleno Therapeutics during the 2nd quarter valued at about $3,623,000. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

Soleno Therapeutics Trading Down 5.6 %

Shares of SLNO stock traded down $3.13 on Friday, hitting $52.71. 1,226,573 shares of the stock traded hands, compared to its average volume of 557,245. Soleno Therapeutics has a twelve month low of $27.27 and a twelve month high of $60.92. The firm’s 50-day moving average price is $53.51 and its two-hundred day moving average price is $48.64.

Soleno Therapeutics (NASDAQ:SLNO) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($1.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by ($1.22). As a group, equities analysts predict that Soleno Therapeutics will post -3.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. 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 report on Monday, October 28th. Cantor Fitzgerald restated an “overweight” rating and issued a $67.00 target price on shares of Soleno Therapeutics in a research note on Friday, September 20th. HC Wainwright reaffirmed a “buy” rating and set a $70.00 price target on shares of Soleno Therapeutics in a research report on Monday, November 11th. Finally, Stifel Nicolaus raised their price objective on Soleno Therapeutics from $59.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $74.83.

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.