Guggenheim Forecasts Strong Price Appreciation for Soleno Therapeutics (NASDAQ:SLNO) Stock

Soleno Therapeutics (NASDAQ:SLNO) had its target price hoisted by stock analysts at Guggenheim from $81.00 to $97.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price objective indicates a potential upside of 26.35% from the stock’s previous close.

Several other brokerages have also recently issued reports on SLNO. Cantor Fitzgerald lifted their price target on Soleno Therapeutics from $67.00 to $123.00 and gave the company an “overweight” rating in a research report on Thursday, March 27th. Robert W. Baird boosted their price target on shares of Soleno Therapeutics from $102.00 to $105.00 and gave the stock an “outperform” rating in a research report on Thursday. Piper Sandler raised their price objective on shares of Soleno Therapeutics from $93.00 to $145.00 and gave the company an “overweight” rating in a research report on Thursday, April 24th. UBS Group set a $105.00 target price on shares of Soleno Therapeutics in a report on Thursday, March 27th. Finally, Lifesci Capital upgraded shares of Soleno Therapeutics to a “strong-buy” rating in a report on Tuesday, February 4th. Eight equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $106.78.

Soleno Therapeutics Stock Up 0.7 %

Shares of NASDAQ SLNO opened at $76.77 on Thursday. The stock has a market capitalization of $3.83 billion, a P/E ratio of -23.12 and a beta of -2.67. The firm’s 50-day moving average price is $63.25 and its two-hundred day moving average price is $54.35. Soleno Therapeutics has a 52-week low of $36.93 and a 52-week high of $80.99.

Soleno Therapeutics (NASDAQ:SLNO) last posted its earnings results on Wednesday, May 7th. The company reported ($0.95) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.19. As a group, equities research analysts expect that Soleno Therapeutics will post -3.72 earnings per share for the current year.

Insiders Place Their Bets

In other Soleno Therapeutics news, insider Patricia C. Hirano sold 3,782 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $70.11, for a total transaction of $265,156.02. Following the transaction, the insider now owns 27,036 shares of the company’s stock, valued at approximately $1,895,493.96. This represents a 12.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Bhatnagar Anish sold 699,095 shares of the firm’s stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $67.62, for a total value of $47,272,803.90. Following the completion of the transaction, the chief executive officer now owns 577,076 shares in the company, valued at approximately $39,021,879.12. This represents a 54.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 942,672 shares of company stock valued at $64,058,781. 12.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Soleno Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Westfield Capital Management Co. LP increased its holdings in shares of Soleno Therapeutics by 37.4% in the first quarter. Westfield Capital Management Co. LP now owns 1,211,245 shares of the company’s stock worth $86,543,000 after acquiring an additional 329,785 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Soleno Therapeutics by 19.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,360 shares of the company’s stock valued at $312,000 after purchasing an additional 720 shares during the period. XTX Topco Ltd increased its stake in Soleno Therapeutics by 267.2% during the 1st quarter. XTX Topco Ltd now owns 23,105 shares of the company’s stock worth $1,651,000 after purchasing an additional 16,813 shares in the last quarter. RWC Asset Management LLP acquired a new stake in Soleno Therapeutics during the 1st quarter worth approximately $308,000. Finally, TD Asset Management Inc lifted its stake in Soleno Therapeutics by 23.9% in the first quarter. TD Asset Management Inc now owns 74,010 shares of the company’s stock valued at $5,288,000 after buying an additional 14,276 shares in the last quarter. 97.42% of the stock is owned by institutional investors.

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.