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Investing.com - Piper Sandler has reiterated an Overweight rating and $145.00 price target on Soleno Therapeutics Inc. (NASDAQ:SLNO), citing strong early adoption of its newly approved VYKAT XR treatment for Prader-Willi syndrome (PWS). The stock, currently trading at $85.12, maintains a Strong Buy consensus among analysts, according to InvestingPro data.
The research firm expressed confidence that VYKAT XR’s launch is "destined for success" and likely to exceed current market expectations. The $4.27 billion market cap company has seen its shares surge approximately 93% year-to-date, particularly following the FDA approval of VYKAT XR on March 26, 2025.
Current Wall Street projections estimate VYKAT XR will achieve sales of $3.9 million in the second quarter of 2025 and $409.1 million for the full year, according to FactSet data. Piper Sandler views these estimates as "very modest" given the strong early interest from the PWS community.
The firm noted that Soleno has already received 268 start forms from 131 unique prescribers between approval and May 6, 2025. Piper Sandler believes VYKAT XR could generate over $2 billion in sales, significantly higher than the Street’s $1 billion projection.
With an addressable U.S. PWS population of approximately 10,000 patients, Piper Sandler calculates that even if only 5,000 patients use the drug, annual sales could reach $2.3 billion based on weight-based pricing averaging $466,200 per patient annually. Investors anticipating the company’s next earnings report on August 6 can access comprehensive analysis and additional insights through InvestingPro’s detailed research reports.
In other recent news, Soleno Therapeutics has been actively advancing its treatment for Prader-Willi syndrome (PWS), VYKAT XR. The company presented new data at the 2025 United in Hope conference, highlighting the drug’s effectiveness in reducing hyperphagia symptoms, particularly in patients with strict food controls. Soleno also announced that its Marketing Authorization Application for VYKAT XR has been validated by the European Medicines Agency, marking a significant step toward making the treatment available in the EU. Meanwhile, TD Cowen initiated coverage on Soleno with a buy rating, citing the potential for strong demand and commercial success. Piper Sandler maintained an Overweight rating, emphasizing the drug’s potential as the first approved treatment specifically addressing PWS. Stifel analysts also maintained a Buy rating, noting positive initial launch dynamics and strong demand indicators. The U.S. FDA approved VYKAT XR earlier this year, and Soleno continues to express confidence in its competitive position and patent portfolio. These developments reflect Soleno’s ongoing efforts to address unmet medical needs in the PWS community.
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