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Investing.com - Baird has reiterated its Outperform rating and $121.00 price target on Soleno Therapeutics Inc. (NASDAQ:SLNO), currently valued at $3.19 billion, following a recent update to the FDA Adverse Event Reporting System (FAERS) database. The target sits well within the analyst range of $106-$145, according to InvestingPro data.
The FAERS database update included a report of a death due to pulmonary embolism in a 17-year-old patient who had been taking Vykat XR, Soleno’s approved treatment.
Soleno Therapeutics addressed the report in an 8-K filing, noting that the physician who reported the case considered it not related to Vykat XR treatment.
Baird analyst Brian Skorney pointed to patient comorbidities that likely increased baseline risk, including lymphedema, superficial thrombophlebitis, and obesity, supporting the physician’s assessment that the event was unrelated to the medication.
The firm characterized the resulting stock selloff as "far overdone" and suggested the situation presents "an even more attractive opportunity for investors to buy the launch on sale."
In other recent news, Soleno Therapeutics has been in the spotlight following reports of serious adverse events related to its Vykat XR medication, including a death due to pulmonary embolism. Despite these reports, TD Cowen has reiterated its Buy rating with a price target of $120, while the company clarified that the death involved a patient with multiple pre-existing conditions and was not related to the treatment. Piper Sandler also maintained an Overweight rating with a $145 price target, expressing confidence in the medication’s launch trajectory based on strong prescription numbers and insurance coverage. Additionally, Wells Fargo initiated coverage of Soleno Therapeutics with an Overweight rating and a $123 price target. Cantor Fitzgerald echoed similar sentiments, maintaining its Overweight rating and a price target of $123, emphasizing the company’s efforts in educating healthcare providers about its drug therapy. These developments come as Soleno continues to navigate the challenges associated with its drug’s adverse events and its market performance.
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