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Michael F. Huang, Sr. VP of Clinical Development at Soleno Therapeutics Inc. (NASDAQ:SLNO), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Huang sold a total of 10,000 shares at an average price of $70.033 per share, amounting to approximately $700,330 in total proceeds. The sale comes as SLNO trades near its 52-week high of $73.97, with the stock showing remarkable strength, gaining over 42% in the past week alone. InvestingPro analysis indicates the stock is currently in overbought territory.
Additionally, Huang engaged in several other sales on March 27, 2025, involving smaller transactions totaling $313,297. The shares were sold at prices ranging from $65.9691 to $72.6391. These transactions were made to cover tax withholding obligations related to the vesting of restricted stock units. With a market capitalization of $3.31 billion and analyst price targets ranging from $81 to $123, InvestingPro subscribers can access 14 additional key insights about SLNO’s valuation and momentum.
In the same filing, it was disclosed that Huang exercised options to acquire 10,000 shares at a price of $21.93, with the total value of these transactions being $219,300. Following these transactions, Huang’s direct ownership in Soleno Therapeutics stands at 36,817 shares. The stock has delivered an impressive 67% return over the past year, though according to InvestingPro’s Fair Value assessment, SLNO appears overvalued at current levels.
In other recent news, Soleno Therapeutics announced the FDA approval of VYKAT XR, a treatment for hyperphagia associated with Prader-Willi Syndrome (PWS), marking a significant milestone for the company. Analysts have responded positively to this development, with H.C. Wainwright increasing the price target for Soleno to $100 and maintaining a Buy rating. Stifel also raised its price target to $108, highlighting the drug’s market potential and projecting a revenue opportunity of approximately $2 billion. Guggenheim adjusted its price target to $81, noting the potential market size and favorable pricing strategy. Piper Sandler maintained its $93 target, emphasizing the drug’s clean label and strategic market entry plan.
These developments reflect a broader confidence in Soleno’s commercial strategy for VYKAT XR, which is expected to be available in the U.S. market starting April 2025. The drug’s pricing strategy, based on a weight-based model, has been well-received, with an annual Wholesale Acquisition Cost (WAC) of approximately $466,200 for the average patient. Analysts have noted that this approval could lead to significant financial growth for Soleno, as the company plans to deploy a dedicated sales team to target specialists treating PWS patients. The market’s response to these strategic moves suggests potential for increased revenue and growth for Soleno in the coming years.
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