Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Up – Here’s Why

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares gapped up before the market opened on Thursday . The stock had previously closed at $50.00, but opened at $53.33. Soleno Therapeutics shares last traded at $49.7560, with a volume of 859,773 shares changing hands.

Analyst Ratings Changes

Several brokerages have weighed in on SLNO. The Goldman Sachs Group set a $125.00 price target on Soleno Therapeutics and gave the company a “buy” rating in a report on Tuesday, October 7th. Wall Street Zen raised Soleno Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Lifesci Capital upgraded Soleno Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Soleno Therapeutics in a research note on Wednesday, October 8th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $110.00 price objective (up previously from $100.00) on shares of Soleno Therapeutics in a research note on Monday, August 18th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $111.46.

Soleno Therapeutics Price Performance

The stock has a market cap of $2.66 billion, a PE ratio of -26.90 and a beta of -3.15. The company has a quick ratio of 15.88, a current ratio of 16.08 and a debt-to-equity ratio of 0.10. The company’s fifty day moving average is $56.34 and its 200 day moving average is $68.73.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings data on Tuesday, November 4th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.39. The business had revenue of $66.02 million during the quarter, compared to analyst estimates of $47.46 million. As a group, sell-side analysts anticipate that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current fiscal year.

Institutional Trading of Soleno Therapeutics

Several large investors have recently bought and sold shares of SLNO. Optimize Financial Inc acquired a new stake in Soleno Therapeutics in the 1st quarter valued at approximately $274,000. Scientech Research LLC increased its holdings in shares of Soleno Therapeutics by 120.5% during the first quarter. Scientech Research LLC now owns 11,620 shares of the company’s stock valued at $830,000 after purchasing an additional 6,351 shares during the period. Emerald Mutual Fund Advisers Trust raised its stake in shares of Soleno Therapeutics by 9.1% during the second quarter. Emerald Mutual Fund Advisers Trust now owns 405,651 shares of the company’s stock valued at $33,985,000 after purchasing an additional 33,954 shares in the last quarter. Woodline Partners LP grew its position in Soleno Therapeutics by 16.0% in the 1st quarter. Woodline Partners LP now owns 349,664 shares of the company’s stock valued at $24,983,000 after buying an additional 48,102 shares in the last quarter. Finally, Fred Alger Management LLC increased its stake in Soleno Therapeutics by 172.8% during the 1st quarter. Fred Alger Management LLC now owns 40,394 shares of the company’s stock valued at $2,886,000 after buying an additional 25,589 shares during the period. Institutional investors and hedge funds own 97.42% of the company’s stock.

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.