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Manning Meredith (NYSE:MDP), the Chief Commercial Officer of Soleno Therapeutics Inc. (NASDAQ:SLNO), recently sold shares totaling approximately $2.48 million. The transactions, dated March 27, 2025, involved selling 37,000 shares at an average price of $67.0388 per share. The sale comes as SLNO trades near its 52-week high of $73.97, with the stock showing remarkable momentum, gaining over 42% in the past week alone. According to InvestingPro analysis, the stock appears overvalued at current levels, with technical indicators suggesting overbought conditions. These sales were part of a series of transactions executed at prices ranging from $65.9691 to $72.6391, collectively amounting to a total of $563,907.
In addition to these sales, Meredith also exercised options to acquire 37,000 shares at a price of $46.31 each, totaling $1,713,470. Following these transactions, Meredith holds 45,351 shares in the company. The sales were conducted to cover tax obligations related to the vesting of restricted stock units.
In other recent news, Soleno Therapeutics has received significant attention following the FDA’s approval of VYKAT XR (diazoxide choline) extended-release tablets for treating hyperphagia in patients with Prader-Willi Syndrome (PWS). This approval has led to several analysts revising their price targets for Soleno. H.C. Wainwright increased its target from $70 to $100, while Stifel raised its target from $74 to $108, both maintaining a Buy rating on the company’s shares. Guggenheim also adjusted its price target to $81, citing the potential market opportunity and maintaining a Buy rating.
Piper Sandler reaffirmed its Overweight rating with a $93 target, highlighting the drug’s clean label and favorable pricing strategy. Analysts have noted the drug’s potential to generate substantial revenue, with Stifel projecting up to $2 billion in future revenue. The approved label for VYKAT XR includes minimal warnings, facilitating its market adoption. Soleno’s strategic approach involves a targeted sales team to engage specialists who treat a significant portion of the PWS patient population.
The drug’s pricing strategy, based on the average weight from clinical studies, positions it competitively in the market. These developments reflect a strong endorsement from multiple analyst firms, emphasizing the drug’s commercial potential and its anticipated impact on Soleno’s financial performance.
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