Soleno Therapeutics (NASDAQ:SLNO) Shares Gap Down – Time to Sell?

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares gapped down before the market opened on Wednesday . The stock had previously closed at $63.85, but opened at $49.89. Soleno Therapeutics shares last traded at $45.1230, with a volume of 2,269,226 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Wells Fargo & Company reissued an “overweight” rating and set a $106.00 price target (down previously from $123.00) on shares of Soleno Therapeutics in a research report on Wednesday. The Goldman Sachs Group set a $125.00 price objective on shares of Soleno Therapeutics and gave the company a “buy” rating in a research report on Tuesday, October 7th. Cowen reaffirmed a “buy” rating on shares of Soleno Therapeutics in a report on Thursday, August 7th. Lifesci Capital upgraded shares of Soleno Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 10th. Finally, HC Wainwright restated a “buy” rating and set a $110.00 target price (up previously from $100.00) on shares of Soleno Therapeutics in a research note on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.50.

Soleno Therapeutics Stock Down 29.8%

The firm has a market cap of $2.38 billion, a price-to-earnings ratio of -10.82 and a beta of -2.75. The business’s 50 day moving average price is $63.61 and its 200 day moving average price is $73.46. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.01 and a current ratio of 15.13.

Soleno Therapeutics (NASDAQ:SLNO) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.39. The company had revenue of $66.02 million during the quarter, compared to analyst estimates of $47.46 million. On average, equities analysts forecast that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

Hedge Funds Weigh In On Soleno Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bessemer Group Inc. grew its holdings in Soleno Therapeutics by 2,170.0% during the third quarter. Bessemer Group Inc. now owns 1,362 shares of the company’s stock worth $92,000 after acquiring an additional 1,302 shares during the period. Envestnet Asset Management Inc. lifted its position in Soleno Therapeutics by 35.1% during the third quarter. Envestnet Asset Management Inc. now owns 7,925 shares of the company’s stock worth $536,000 after buying an additional 2,059 shares during the period. Jackson Creek Investment Advisors LLC purchased a new position in Soleno Therapeutics during the third quarter worth about $1,028,000. Principal Financial Group Inc. lifted its position in Soleno Therapeutics by 11.9% during the third quarter. Principal Financial Group Inc. now owns 3,197 shares of the company’s stock worth $216,000 after buying an additional 340 shares during the period. Finally, Atle Fund Management AB raised its holdings in shares of Soleno Therapeutics by 48.4% in the 3rd quarter. Atle Fund Management AB now owns 60,156 shares of the company’s stock worth $4,067,000 after purchasing an additional 19,624 shares during the period. 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.