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Anish Bhatnagar, the CEO of Soleno Therapeutics Inc. (NASDAQ:SLNO), recently executed significant stock transactions, selling shares valued at approximately $35.3 million. The sales occurred on March 27, with prices ranging from $65.81 to $69.30 per share. Following these sales, Bhatnagar retains ownership of 577,076 shares in the company. The transactions come as SLNO trades near its 52-week high of $73.97, having delivered an impressive 67% return over the past year. According to InvestingPro analysis, the stock currently appears overvalued, with analyst price targets ranging from $81 to $123.
In addition to the sales, Bhatnagar also exercised options, acquiring shares worth around $6.4 million. These transactions involved a price range of $2.41 to $33.60 per share. InvestingPro data indicates the stock’s RSI suggests overbought territory, though analysts expect the company to turn profitable this year.
The sales were part of a series of transactions including smaller sales to cover tax obligations related to the vesting of restricted stock units. These transactions reflect Bhatnagar’s ongoing management of his holdings in Soleno Therapeutics. For deeper insights into SLNO’s valuation and 16 additional exclusive ProTips, visit InvestingPro.
In other recent news, Soleno Therapeutics has received FDA approval for its VYKAT XR (diazoxide choline) extended-release tablets, a treatment for hyperphagia associated with Prader-Willi syndrome in patients aged four and above. This approval is a significant milestone for Soleno, as it allows the company to begin commercialization efforts in the U.S. market by April 2025. Analysts have responded positively to this development, with H.C. Wainwright raising its price target for Soleno to $100 and maintaining a Buy rating, citing the potential market opportunity for VYKAT XR. Similarly, Stifel increased its price target to $108, expressing optimism about the drug’s market potential and projecting a revenue opportunity of approximately $2 billion. Guggenheim also raised its price target to $81, maintaining a Buy rating and highlighting the expected financial performance of VYKAT XR. Piper Sandler reaffirmed its $93 price target, noting the drug’s clean label and strategic pricing, which are expected to facilitate market adoption. These recent developments underscore the anticipated positive impact of VYKAT XR on Soleno’s financial performance and growth prospects.
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