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Investing.com - Soleno Therapeutics Inc. (NASDAQ:SLNO) received a reiterated Buy rating and $115.00 price target from Stifel on Thursday. The target sits well within the analyst range of $97-$145, according to InvestingPro data, with the stock currently trading at $88.49.
The research firm highlighted Soleno’s preliminary second-quarter results, which showed expected Vykat revenue in the $31-$33 million range. The company also reported approximately 646 start-forms from 295 unique prescribers during the quarter. With a market capitalization of $4.46 billion and trading near its 52-week high of $90.32, Soleno has delivered impressive returns of over 105% in the past year.
Stifel described these numbers as "excellent" and "well-above investor expectations," noting they align with the firm’s recent survey suggesting robust demand across pediatric and adult patients, medical specialties, and practice settings, along with favorable reimbursement dynamics.
The firm expressed some surprise at Soleno’s capital raise, suggesting it might act as a "counter-weight" to the encouraging launch numbers, as some investors may question whether near-term merger and acquisition opportunities are now less likely.
Despite this, Stifel maintained its thesis, expecting "a very strong, durable Vykat launch" that provides potential upside for Soleno shares, regardless of any merger and acquisition possibilities.
In other recent news, Soleno Therapeutics has reported preliminary unaudited financial results for the second quarter of 2025, with expected net revenue from VYKAT XR sales ranging between $31 million and $33 million. The company highlighted its strong cash position of approximately $293.8 million as of June 30, 2025. Soleno has received around 646 patient start forms for VYKAT XR from about 295 unique prescribers since its FDA approval in March 2025. Stifel has raised its price target for Soleno Therapeutics to $115, maintaining a Buy rating, due to significant demand for VYKAT XR, as revealed by a physician survey. This survey indicated favorable views on the drug’s efficacy and safety profile, with early reimbursement dynamics exceeding expectations. Piper Sandler also reiterated an Overweight rating with a $145 price target, suggesting VYKAT XR could surpass market expectations. Additionally, new data presented by Soleno at the 2025 United in Hope conference showed that VYKAT XR significantly reduces hyperphagia symptoms in patients with Prader-Willi syndrome, even in those with pre-diabetes or diabetes. These developments indicate strong interest and potential for VYKAT XR in the treatment of Prader-Willi syndrome.
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