Soleno Therapeutics (NASDAQ:SLNO) Stock Price Down 6.7% Following Insider Selling

Soleno Therapeutics, Inc. (NASDAQ:SLNO) dropped 6.7% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $67.23 and last traded at $66.66. Approximately 824,107 shares changed hands during mid-day trading, an increase of 27% from the average daily volume of 650,453 shares. The stock had previously closed at $71.45.

Specifically, VP Michael F. Huang sold 14,583 shares of the company’s stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $69.51, for a total value of $1,013,664.33. Following the completion of the sale, the vice president now directly owns 36,817 shares of the company’s stock, valued at $2,559,149.67. This represents a 28.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO James H. Mackaness sold 90,622 shares of Soleno Therapeutics stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $69.44, for a total value of $6,292,791.68. Following the transaction, the chief financial officer now owns 105,176 shares in the company, valued at approximately $7,303,421.44. This represents a 46.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, Director Matthew Pauls sold 5,937 shares of the firm’s stock in a transaction on Friday, March 28th. The shares were sold at an average price of $71.55, for a total transaction of $424,792.35. Following the sale, the director now directly owns 6,500 shares in the company, valued at $465,075. This trade represents a 47.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on SLNO shares. Lifesci Capital raised Soleno Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 4th. Laidlaw lifted their price objective on shares of Soleno Therapeutics from $75.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, March 27th. HC Wainwright boosted their price target on Soleno Therapeutics from $70.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday. Robert W. Baird boosted their target price on Soleno Therapeutics from $72.00 to $102.00 and gave the stock an “outperform” rating in a report on Thursday, March 27th. Finally, Cantor Fitzgerald upped their target price on Soleno Therapeutics from $67.00 to $123.00 and gave the company an “overweight” rating in a research report on Thursday, March 27th. Seven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $98.86.

Soleno Therapeutics Stock Down 5.6 %

The business’s 50 day moving average is $49.44 and its 200-day moving average is $50.23. The firm has a market capitalization of $3.09 billion, a P/E ratio of -20.38 and a beta of -1.70.

Soleno Therapeutics (NASDAQ:SLNO) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.41). Research analysts forecast that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Soleno Therapeutics

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