Patricia Hirano, Senior Vice President of Regulatory Affairs at Soleno Therapeutics Inc. (NASDAQ:SLNO), recently sold shares of the company. According to a filing with the Securities and Exchange Commission, Hirano sold a total of 3,030 shares of common stock on January 2 and January 3, 2025. The sales were executed at prices ranging from $45.3656 to $46.1764 per share, amounting to a total value of approximately $138,709. The transaction occurred as the $2 billion market cap company trades near $46 per share, with analysts setting price targets between $67 and $93. According to InvestingPro analysis, the stock currently appears overvalued relative to its Fair Value.
The sales were conducted to cover tax withholding obligations related to the vesting of restricted stock units (RSUs). Following these transactions, Hirano retains ownership of 105,902 shares of Soleno Therapeutics. InvestingPro data reveals the company maintains a strong financial health score of 2.22 (FAIR), with one key strength being that it holds more cash than debt on its balance sheet. Subscribers can access 6 additional ProTips and a comprehensive Pro Research Report for deeper insights into SLNO's financial position.
In other recent news, Soleno Therapeutics has been the subject of significant developments. Stifel has selected Soleno Therapeutics as one of its top biotech picks for 2025, citing upcoming catalysts that could drive the company's value higher. The firm also noted that Soleno Therapeutics is awaiting a regulatory decision, which could open up new opportunities in rare disease markets. Analysts from Baird, H.C. Wainwright, Oppenheimer, and Laidlaw remain optimistic about Soleno's product, DCCR, for Prader-Willi syndrome, projecting to begin generating revenue by mid-2025.
Other recent developments include changes in Soleno's Board of Directors with the appointment of Matthew Pauls as the new Lead Independent (LON:IOG) Director and the addition of Dawn Carter Bir. The company has also entered into an agreement with Jefferies LLC to potentially sell up to $150 million of its common stock and awarded performance-based restricted stock units to its employees.
The U.S. Food and Drug Administration (FDA) extended its review period for Soleno's New Drug Application (NDA) for DCCR, with a new target action date set for March 27, 2025. Despite the extended review period, analysts from various firms maintain a positive outlook on Soleno, with price targets ranging from $67 to $93.
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