Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Up – Time to Buy?

Shares of Soleno Therapeutics, Inc. (NASDAQ:SLNO) 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.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SLNO. Wolfe Research started coverage on Soleno Therapeutics in a research report on Tuesday, November 18th. They issued an “outperform” rating and a $75.00 target price on the stock. Wells Fargo & Company restated an “overweight” rating and issued a $106.00 price objective (down from $123.00) on shares of Soleno Therapeutics in a report on Wednesday, November 5th. The Goldman Sachs Group set a $125.00 price objective on Soleno Therapeutics and gave the company a “buy” rating in a research note on Tuesday, October 7th. Lifesci Capital upgraded shares of Soleno Therapeutics to a “strong-buy” rating in a report on Wednesday, September 10th. Finally, Guggenheim reiterated a “buy” rating and set a $106.00 price objective on shares of Soleno Therapeutics in a research note on Wednesday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $111.46.

Soleno Therapeutics Trading Up 5.1%

The firm has a market cap of $2.79 billion, a price-to-earnings ratio of -28.26 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 business has a 50 day moving average price of $56.03 and a 200-day moving average price of $68.42.

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

Institutional Investors Weigh In On Soleno Therapeutics

A number of large investors have recently added to or reduced their stakes in SLNO. PNC Financial Services Group Inc. increased its stake in Soleno Therapeutics by 19.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,360 shares of the company’s stock worth $312,000 after buying an additional 720 shares during the period. Swiss National Bank grew its stake in shares of Soleno Therapeutics by 9.2% during the first quarter. Swiss National Bank now owns 50,100 shares of the company’s stock valued at $3,580,000 after acquiring an additional 4,200 shares in the last quarter. Invesco Ltd. increased its position in shares of Soleno Therapeutics by 3,789.4% during the first quarter. Invesco Ltd. now owns 467,193 shares of the company’s stock worth $33,381,000 after acquiring an additional 455,181 shares during the last quarter. Nuveen LLC acquired a new position in shares of Soleno Therapeutics in the first quarter worth about $6,061,000. Finally, Lord Abbett & CO. LLC purchased a new position in Soleno Therapeutics in the first quarter valued at about $3,934,000. 97.42% of the stock is owned by institutional investors and hedge funds.

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.