Zacks Investment Research Upgrades Soleno Therapeutics (SLNO) to “Buy”

Soleno Therapeutics (NASDAQ:SLNO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm presently has a $2.25 target price on the stock. Zacks Investment Research‘s target price suggests a potential upside of 3.21% from the stock’s current price.

According to Zacks, “Soleno Therapeutics Inc. is a healthcare company. It develops and commercializes diagnostics, devices and therapeutics addressing unmet medical needs. The Company offers products consists of CoSense end-tidal carbon monoxide Monitor, NeoPIP Infant Resuscitator and Accessories and Serenz Nasal Relief. Soleno Therapeutics Inc., formerly known as Capnia Inc., is based in Vancouver, Canada. “

Separately, Maxim Group restated a “buy” rating and set a $4.00 target price on shares of Soleno Therapeutics in a research report on Monday, September 17th. Six equities research analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and a consensus target price of $6.45.

Shares of NASDAQ:SLNO opened at $2.18 on Thursday. Soleno Therapeutics has a 1 year low of $1.32 and a 1 year high of $3.60. The company has a market cap of $44.54 million, a price-to-earnings ratio of -1.61 and a beta of 4.29.

Soleno Therapeutics (NASDAQ:SLNO) last announced its earnings results on Tuesday, August 14th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.24) by ($0.12). As a group, equities research analysts forecast that Soleno Therapeutics will post -1.11 EPS for the current fiscal year.

In other Soleno Therapeutics news, major shareholder Technology Partners Fund Vii L sold 22,682 shares of the business’s stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $2.03, for a total transaction of $46,044.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 43.27% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in SLNO. Vivo Capital LLC boosted its position in shares of Soleno Therapeutics by 8.1% during the second quarter. Vivo Capital LLC now owns 4,359,683 shares of the company’s stock valued at $10,202,000 after buying an additional 326,149 shares during the period. Trellus Management Company LLC purchased a new position in shares of Soleno Therapeutics during the second quarter valued at approximately $302,000. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of Soleno Therapeutics in the second quarter valued at approximately $104,000. Institutional investors and hedge funds own 44.25% of the company’s stock.

About Soleno Therapeutics

Soleno Therapeutics, Inc focuses on the development and commercialization of novel therapeutics for the treatment of rare diseases. Its lead candidate, diazoxide choline controlled-release (DCCR), a tablet for the treatment of Prader-Willi Syndrome (PWS), is entering into late-stage clinical development.

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