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Soleno Therapeutics Inc. (NASDAQ:SLNO) CEO Anish Bhatnagar recently made significant stock transactions, according to a recent filing. On March 27, Bhatnagar sold shares totaling approximately $35.3 million. The sale prices ranged from $65.8119 to $69.2977 per share. The transactions come as SLNO trades near its 52-week high of $73.97, having delivered impressive returns of 59% year-to-date. According to InvestingPro analysis, the stock appears overvalued at current levels.
In addition to these sales, Bhatnagar also exercised options, acquiring shares at prices ranging from $2.41 to $33.6 per share, with the total value of these option exercises amounting to approximately $6.4 million. Analyst targets for the stock currently range from $81 to $123, suggesting potential upside despite recent gains. InvestingPro subscribers can access 14 additional key insights about SLNO’s valuation and momentum.
Following these transactions, Bhatnagar’s direct ownership of Soleno Therapeutics stands at 577,076 shares. These transactions were executed as part of routine management of stock holdings, including covering tax obligations related to restricted stock units. The company, now valued at $3.31 billion, has seen its stock price often move counter to broader market trends, with a beta of -1.69.
In other recent news, Soleno Therapeutics has received significant attention following the FDA approval of its drug VYKAT XR (diazoxide choline) for the treatment of hyperphagia associated with Prader-Willi Syndrome (PWS). This approval is a pivotal development for the company, aligning with the Prescription Drug User Fee Act (PDUFA) target action date, with plans to make the drug available in the U.S. market by April 2025. Analysts have responded positively, with H.C. Wainwright raising its price target for Soleno to $100, citing the drug’s potential market opportunity. Stifel also increased its price target to $108, highlighting the "blockbuster opportunity" presented by the FDA’s approval. Guggenheim adjusted its target to $81, based on a projected revenue of $1.6 billion by 2030 from the U.S. market alone. Piper Sandler maintained a $93 target, emphasizing the drug’s favorable pricing and minimal warnings, which could aid in its market adoption. The collective analyst projections suggest optimism for Soleno’s future revenue and growth prospects, reflecting the anticipated impact of VYKAT XR’s commercial launch.
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