Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Up – Still a Buy?

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) gapped up before the market opened on Monday . The stock had previously closed at $39.07, but opened at $41.48. Soleno Therapeutics shares last traded at $38.9490, with a volume of 343,815 shares.

Analyst Ratings Changes

A number of brokerages have commented on SLNO. Wells Fargo & Company reduced their price objective on Soleno Therapeutics from $114.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday. Zacks Research lowered shares of Soleno Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. TD Cowen reduced their price objective on shares of Soleno Therapeutics from $120.00 to $85.00 and set a “buy” rating for the company in a report on Thursday. HC Wainwright reissued a “buy” rating and issued a $120.00 target price (up from $110.00) on shares of Soleno Therapeutics in a research note on Tuesday, January 20th. Finally, Wolfe Research set a $60.00 price target on shares of Soleno Therapeutics in a research note on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.38.

Soleno Therapeutics Price Performance

The stock has a fifty day moving average of $42.63 and a two-hundred day moving average of $53.13. The company has a current ratio of 5.80, a quick ratio of 5.55 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of 173.33 and a beta of -3.16.

Soleno Therapeutics (NASDAQ:SLNO) last announced its earnings results on Wednesday, February 25th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.64 by $0.16. The business had revenue of $91.73 million for the quarter, compared to the consensus estimate of $88.55 million. As a group, equities research analysts forecast that Soleno Therapeutics, Inc. will post -3.72 earnings per share for the current year.

Institutional Trading of Soleno Therapeutics

Hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Soleno Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,360 shares of the company’s stock worth $1,242,000 after purchasing an additional 189 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Soleno Therapeutics by 50.9% during the first quarter. Goldman Sachs Group Inc. now owns 633,110 shares of the company’s stock worth $45,236,000 after purchasing an additional 213,667 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Soleno Therapeutics by 48.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 40,715 shares of the company’s stock valued at $2,909,000 after acquiring an additional 13,211 shares during the period. Nisa Investment Advisors LLC grew its position in shares of Soleno Therapeutics by 287.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 539 shares of the company’s stock valued at $45,000 after purchasing an additional 400 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Soleno Therapeutics by 32.9% in the second quarter. Envestnet Asset Management Inc. now owns 5,866 shares of the company’s stock valued at $491,000 after buying an additional 1,453 shares during the period. 97.42% of the stock is owned by institutional investors.

About Soleno Therapeutics

Soleno Therapeutics, Inc is a clinical‐stage biopharmaceutical company focused on the development and commercialization of therapies for rare and orphan diseases. Headquartered in Redwood City, California, Soleno leverages a precision medicine approach to identify and advance small‐molecule treatments that address underlying genetic and metabolic dysfunctions. The company’s scientific strategy centers on repurposing and reformulating existing compounds to maximize therapeutic benefit in underserved patient populations.

The company’s lead candidate, diazoxide choline controlled release (DCCR), is being investigated for the treatment of Prader-Willi syndrome (PWS), a complex neurodevelopmental disorder characterized by insatiable appetite, hormonal imbalances and behavioral challenges.