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James H. Mackaness, the Chief Financial Officer of Soleno Therapeutics Inc. (NASDAQ:SLNO), sold a substantial portion of the company’s stock, according to a recent filing. On March 27, Mackaness sold shares totaling approximately $4.88 million, with sale prices ranging from $69.07 to $70.80 per share. The stock, currently trading at $71.38, has shown remarkable momentum with a 42.5% gain in the past week alone. According to InvestingPro analysis, the stock appears to be trading above its Fair Value.
The transactions involved multiple sales, including a significant sale of 36,157 shares at an average price of $70.03. The sales were part of a broader series of transactions that saw Mackaness disposing of shares to cover tax obligations related to the vesting of restricted stock units.
In addition to the sales, Mackaness exercised options to acquire shares at various prices, including options priced at $2.41 and $30.75, amounting to a total acquisition value of $820,125.
Following these transactions, Mackaness retains ownership of 113,220 shares of Soleno Therapeutics. The company, headquartered in Redwood (NYSE:RWT) City, California, is engaged in the development of treatments for rare diseases.
In other recent news, Soleno Therapeutics has received significant attention following the FDA’s approval of its VYKAT XR (diazoxide choline) extended-release tablets for treating hyperphagia in Prader-Willi Syndrome (PWS) patients. This approval is expected to positively impact the company’s revenue and growth prospects, with analysts revising their projections upwards. H.C. Wainwright raised its price target for Soleno to $100, while Stifel increased its target to $108, both maintaining a Buy rating. Stifel projects a substantial revenue opportunity, estimating around $2 billion, and expressed optimism about the drug’s market potential.
Guggenheim also adjusted its price target to $81, citing conservative assumptions about the drug’s market performance. Piper Sandler maintained a $93 price target, noting the clean label of VYKAT XR, which includes minimal warnings, as a favorable factor for market adoption. The drug’s pricing strategy, based on patient weight, is positioned to meet the needs of the PWS patient population effectively. Soleno plans to deploy a sales team focused on specialists treating a significant portion of the addressable market. These developments underscore Soleno’s strategic approach to commercializing VYKAT XR and its potential impact on the company’s financial growth.
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