Soleno Therapeutics (NASDAQ:SLNO) Trading Down 4.2% – Here’s Why

Soleno Therapeutics, Inc. (NASDAQ:SLNO) shares traded down 4.2% during mid-day trading on Friday . The company traded as low as $43.40 and last traded at $43.5910. 525,922 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 1,705,053 shares. The stock had previously closed at $45.50.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SLNO shares. Wells Fargo & Company restated an “overweight” rating and issued a $106.00 price objective (down previously from $123.00) on shares of Soleno Therapeutics in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Soleno Therapeutics in a research report on Wednesday, October 8th. The Goldman Sachs Group set a $125.00 target price on Soleno Therapeutics and gave the company a “buy” rating in a research note on Tuesday, October 7th. Wolfe Research began coverage on shares of Soleno Therapeutics in a research note on Tuesday, November 18th. They set an “outperform” rating and a $75.00 price target on the stock. Finally, Zacks Research upgraded shares of Soleno Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Monday. Three research 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $111.46.

Soleno Therapeutics Price Performance

The stock has a market capitalization of $2.31 billion, a P/E ratio of -23.39 and a beta of -3.12. The company’s 50 day simple moving average is $49.22 and its two-hundred day simple moving average is $64.47. The company has a debt-to-equity ratio of 0.10, a current ratio of 16.08 and a quick ratio of 15.88.

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, beating analysts’ consensus estimates of $0.08 by $0.39. The business had revenue of $66.02 million for the quarter, compared to analyst estimates of $47.46 million. As a group, equities analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Institutional Trading of Soleno Therapeutics

Several hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Soleno Therapeutics by 1.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,360 shares of the company’s stock valued at $1,242,000 after purchasing an additional 189 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Soleno Therapeutics during the second quarter valued at $25,000. Principal Financial Group Inc. boosted its holdings in Soleno Therapeutics by 11.9% in the third quarter. Principal Financial Group Inc. now owns 3,197 shares of the company’s stock valued at $216,000 after acquiring an additional 340 shares during the last quarter. New York State Common Retirement Fund increased its position in Soleno Therapeutics by 2.4% in the third quarter. New York State Common Retirement Fund now owns 15,600 shares of the company’s stock worth $1,055,000 after purchasing an additional 360 shares during the period. Finally, Nisa Investment Advisors LLC raised its holdings in Soleno Therapeutics by 287.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 539 shares of the company’s stock worth $45,000 after purchasing an additional 400 shares during the last quarter. 97.42% of the stock is owned by institutional investors.

Soleno Therapeutics Company Profile

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.