Tesla gains as Musk buys $1 billion in stock; closes well-off highs
Investing.com - TD Cowen has reiterated its Buy rating and $120.00 price target on Soleno Therapeutics Inc. (NASDAQ:SLNO), currently trading at $60.63, following reports of new safety events for the company’s Vykat XR medication. According to InvestingPro data, analyst consensus remains strongly bullish with targets ranging from $106 to $145.
Three new serious adverse events (SAEs) for Vykat XR were uploaded to the FDA Adverse Event Reporting System (FAERS) database, including a death related to pulmonary embolism.
The reporting physician did not consider the death to be treatment-related, and Soleno Therapeutics’ assessment aligned with this conclusion.
TD Cowen noted that pulmonary embolism risk is significantly increased in Prader-Willi Syndrome (PWS) and obese patients, the target population for Vykat XR.
According to TD Cowen, following discussions with Soleno management, the overall safety profile of the medication remains consistent with previous observations. InvestingPro analysis shows the company maintains a FAIR financial health score, with analysts expecting profitability this year. Get detailed insights and 8 additional ProTips with an InvestingPro subscription.
In other recent news, Soleno Therapeutics has been in the spotlight following a report of a patient death linked to its VYKAT XR drug. The company clarified that the incident involved a 17-year-old male with multiple pre-existing conditions and was deemed unrelated to the treatment by both the treating physician and Soleno’s assessment. Despite this, Soleno continues to receive support from several analyst firms. Piper Sandler has reiterated its Overweight rating with a price target of $145.00, citing confidence in the drug’s launch trajectory based on strong prescription numbers and insurance coverage. Wells Fargo also initiated coverage with an Overweight rating and a $123.00 price target, despite the stock’s recent decline. Cantor Fitzgerald maintained its Overweight rating and highlighted Soleno’s efforts in educating healthcare providers. Meanwhile, Baird reiterated its Outperform rating with a $121.00 price target, even after a short report raised concerns about the drug’s safety and acceptance among Prader-Willi Syndrome physicians and patients. These developments reflect the ongoing interest and analysis surrounding Soleno Therapeutics in the investment community.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.