On Wednesday, Piper Sandler reiterated its Overweight rating on shares of Soleno Therapeutics Inc. (NASDAQ:SLNO) with a consistent price target of $93.00. The firm's confidence follows Soleno's recent oral presentation at the ENDO conference and subsequent discussions with the company's management regarding the development and regulatory path of its drug candidate, DCCR.
The management team at Soleno Therapeutics has been actively engaging with investors, detailing the regulatory journey for DCCR, a treatment for Prader-Willi Syndrome (PWS). They highlighted the possibility of a priority review by the FDA, which could expedite the drug's launch to as early as 2025, assuming a mid-2024 submission and a six-month review period.
Soleno is currently preparing for the potential need for an Advisory Committee (AdCom) meeting as part of the approval process, although it remains uncertain if this will be required. The company has also been discussing the anticipated drug labeling and the ongoing groundwork for commercialization.
The investment firm emphasized the significant market opportunity for DCCR in addressing PWS and noted Soleno's strategic planning in the face of the competitive landscape. Additionally, the firm mentioned the potential for DCCR to be expanded into other indications, which could further enhance its market position.
Piper Sandler's outlook remains positive on Soleno Therapeutics, particularly in light of the anticipated regulatory milestones expected within the next year. The firm's maintained price target reflects this optimism about the company's prospects.
In other recent news, Soleno Therapeutics has caught the attention of several analyst firms with its drug candidate DCCR, intended to treat hyperphagia in patients with Prader-Willi Syndrome (PWS). Piper Sandler maintained an Overweight rating on the company, expressing confidence in the drug's approval and its potential impact on the treatment landscape for PWS.
Meanwhile, Oppenheimer lowered its price target for the biopharmaceutical firm but maintained its Outperform rating, highlighting the sustained high investor interest in DCCR's market potential. Baird also initiated coverage on Soleno with an Outperform rating, believing that the potential regulatory approval of DCCR is more likely than currently reflected in the market valuation.
In addition to these analyst views, Soleno Therapeutics has also announced plans for a public offering of its common stock. The company intends to use the proceeds from the sale to support its research and development, particularly for the advancement of DCCR. The offering, which includes an option for underwriters to purchase additional shares, is set to close subject to customary conditions. These developments underscore Soleno Therapeutics' ongoing efforts to bring innovative treatments to patients with rare diseases.
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