Soleno Therapeutics Inc. (NASDAQ:SLNO) has reported a significant sale of stock by its Chief Executive Officer, Anish Bhatnagar. According to the latest filing, Bhatnagar sold a total of 115,004 shares of the company's common stock over two consecutive days.
The transactions, which took place on August 28 and 29, 2024, resulted in proceeds exceeding $5.4 million for the CEO. The shares were sold at prices ranging from $47.1596 to $48.0274, reflecting the market's trading range on those dates.
On August 28, Bhatnagar sold 30,262 shares at an average price of $47.1926 and another 26,351 shares at an average price of $48.0274. The following day, he continued with the sale of 47,551 shares at an average price of $47.1596 and concluded with 10,840 shares at an average price of $47.8329.
These sales were part of a plan to cover tax withholding obligations connected to the vesting of restricted stock units, as noted in the footnotes of the filing. It's also worth mentioning that the CEO still holds a substantial number of shares following these transactions, indicating continued vested interest in the company's performance.
Soleno Therapeutics, based in Redwood (NYSE:RWT) City, California, specializes in the development of innovative treatments in the medical device sector. With these recent transactions, investors and market watchers will be keenly observing the company's stock performance and any potential impact these sales may have.
In other recent news, Soleno Therapeutics has made significant progress with its New Drug Application (NDA) for DCCR, a treatment for Prader-Willi syndrome. The U.S. Food and Drug Administration (FDA) has accepted the NDA and granted it Priority Review status, with a target action date set for December 27, 2024. Analyst firms Stifel and Oppenheimer have maintained their positive outlook on Soleno, with Stifel reiterating a Buy rating and a $59.00 price target, and Oppenheimer maintaining an Outperform rating and a $65.00 price target.
Piper Sandler has also expressed a positive outlook, reiterating an Overweight rating with a $93.00 price target. In addition to these developments, Soleno Therapeutics has seen changes in its Board of Directors, with Matthew Pauls stepping in as the new Lead Independent Director and Dawn Carter Bir joining the board. The company has also entered an agreement with Jefferies LLC to potentially sell up to $150 million of its common stock and has awarded performance-based restricted stock units to its employees. These are the recent developments in Soleno Therapeutics' ongoing operational and strategic initiatives.
InvestingPro Insights
Soleno Therapeutics Inc. (NASDAQ:SLNO) has been a company of interest for investors, especially following the recent stock sale by CEO Anish Bhatnagar. To provide additional context, here are some key insights based on real-time data and InvestingPro Tips:
The company is currently trading at a high Price / Book multiple of 6.45, which suggests that the market values the company's assets quite optimistically relative to its book value. Additionally, Soleno Therapeutics holds more cash than debt on its balance sheet, which is a positive sign of financial health and may provide some reassurance to investors concerned about the recent stock sale.
Despite the company not being profitable over the last twelve months, with an operating income of -68.5M USD, analysts predict that Soleno Therapeutics will be profitable this year. This anticipated turnaround could be a driving force behind the stock's impressive return over the last year, with a total price return of 857.93%. This kind of performance often attracts investor attention, suggesting a potential uptrend in investor sentiment.
For those interested in a deeper analysis, InvestingPro offers additional tips on Soleno Therapeutics. In total, there are 11 InvestingPro Tips available, which could provide further insights into the company's financial health and stock performance. These tips are accessible through the dedicated InvestingPro platform for Soleno Therapeutics at https://www.investing.com/pro/SLNO.
Investors tracking Soleno Therapeutics will also note the company's significant return over the last week, clocking in at 8.18%. This recent uptick in stock price performance, combined with the InvestingPro Tips, may offer valuable perspectives for those making investment decisions regarding SLNO.
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