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Investing.com - Baird raised its price target on Soleno Therapeutics Inc. (NASDAQ:SLNO) to $121.00 from $105.00 on Thursday, while maintaining an Outperform rating on the stock. The company, now valued at $4.06 billion, has seen its shares surge over 105% in the past six months, with analyst targets ranging from $97 to $145.
The price target increase follows Soleno’s preliminary second-quarter results, which showed Vykat XR sales of $31-$33 million in just the first 2.5 months following its mid-April launch.
Baird noted that the guided sales range significantly exceeded both its own and consensus expectations for the newly launched drug.
The research firm expressed increased confidence in Vykat’s blockbuster potential, citing not only the strong initial sales but also the "formidable rate of new start forms" for the medication.
Soleno Therapeutics received FDA approval for Vykat XR (diazoxide choline) in March 2024 for the treatment of hyperphagia in Prader-Willi syndrome, a rare genetic disorder that causes chronic hunger.
In other recent news, Soleno Therapeutics announced preliminary second-quarter results, projecting net revenue between $31 million and $33 million from sales of VYKAT XR. The company also reported having approximately $293.8 million in cash, cash equivalents, and marketable securities as of June 30, 2025. Soleno has priced an underwritten public offering of 2,352,941 shares at $85 per share, expecting to raise about $200 million in gross proceeds. The funds will support the commercialization of VYKAT XR, regulatory activities in the European Union, and further research and development. Stifel reiterated a Buy rating on Soleno and raised its price target to $115, citing strong demand for VYKAT and favorable physician feedback. Analysts at Stifel noted that VYKAT’s utilization is expected to increase significantly, with a potential market penetration exceeding 50% by 2026. This demand aligns with their projections of peak sales reaching approximately $2.5 billion. The offering, managed by firms including Goldman Sachs and Guggenheim Securities, is anticipated to close around July 11, 2025.
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