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Soleno Therapeutics Inc. (NASDAQ:SLNO), currently valued at $3.31 billion, Senior Vice President of Regulatory Affairs, Patricia C. Hirano, recently executed a series of stock transactions, as detailed in a recent SEC filing. Over the course of March 27 and 28, Hirano sold shares valued at approximately $9.5 million. The sales were conducted at prices ranging from $65.97 to $73.60 per share, with the stock currently trading near its 52-week high of $73.97. According to InvestingPro analysis, the stock appears overvalued at current levels.
In addition to these sales, Hirano also exercised stock options, acquiring shares at prices between $2.41 and $33.60, totaling approximately $608,974.
These transactions were part of a pre-arranged trading plan under Rule 10b5-1, which allows company insiders to set up a trading plan for selling stocks they own. Following these transactions, Hirano’s remaining direct ownership in Soleno Therapeutics stands at 30,818 shares.
In other recent news, Soleno Therapeutics has achieved a significant milestone with the FDA’s approval of its VYKAT XR (diazoxide choline) extended-release tablets for treating hyperphagia in Prader-Willi syndrome (PWS) patients aged four and above. This approval has led to a series of positive analyst reviews and revised price targets for the company. H.C. Wainwright raised its price target to $100, while maintaining a Buy rating, citing the drug’s potential market opportunity. Similarly, Stifel increased its target to $108, also maintaining a Buy rating, and highlighted the "blockbuster opportunity" presented by the FDA’s approval. Guggenheim adjusted its price target to $81, maintaining a Buy rating, with optimistic revenue projections for VYKAT XR. Piper Sandler kept its $93 price target and Overweight rating, noting the drug’s favorable clean label and pricing strategy. These developments indicate a strong market entry for Soleno’s VYKAT XR, with analysts projecting substantial revenue growth and emphasizing the drug’s potential impact on the company’s financial performance.
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