Anish Bhatnagar, the Chief Executive Officer of Soleno Therapeutics Inc. (NASDAQ:SLNO), recently sold a significant portion of the company's stock. According to an SEC filing, Bhatnagar sold a total of 21,091 shares over two days, January 2 and January 3, 2025. The shares were sold at prices ranging from $45.3656 to $46.1764 per share, amounting to a total transaction value of approximately $965,515. With a current market capitalization of $1.98 billion and analysts setting price targets between $67 and $93, InvestingPro analysis indicates the stock is currently overvalued relative to its Fair Value.
The transactions were executed in multiple trades, with the first batch of 10,077 shares sold on January 2 at a weighted average price of $45.3656. An additional 860 shares were sold the same day at an average price of $45.92. On January 3, Bhatnagar sold another 10,154 shares at an average price of $46.1764. The stock, which has shown strong price momentum with a 23.55% return over the past year, maintains a healthy financial position with a current ratio of 17.26.
These sales were made to cover tax withholding obligations related to the vesting of restricted stock units. Following these transactions, Bhatnagar retains direct ownership of 698,462 shares of Soleno Therapeutics. For deeper insights into insider trading patterns and comprehensive analysis, access the full SLNO research report on InvestingPro, which offers exclusive financial metrics and expert analysis.
In other recent news, Soleno Therapeutics has experienced significant developments. The U.S. Food and Drug Administration (FDA) has extended its review period for Soleno's New Drug Application for DCCR, a treatment for Prader-Willi syndrome, with a new target action date set for March 27, 2025. Despite the delay, analysts from Baird, H.C. Wainwright, Oppenheimer, and Laidlaw remain optimistic about DCCR's eventual approval and project Soleno to begin generating revenue by mid-2025.
Stifel has identified Soleno Therapeutics as a top pick for 2025, with the firm citing significant upcoming catalysts that could drive the company's stock value. The firm also anticipates that positive early-stage data in 2025 will influence Eli Lilly (NYSE:LLY)'s decision to opt-in, potentially alleviating investor skepticism regarding the commercial opportunity of PCSK9 editors.
Soleno Therapeutics has also entered into 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. Furthermore, the company's Board of Directors has seen changes with the appointment of Matthew Pauls as the new Lead Independent (LON:IOG) Director and the addition of Dawn Carter Bir. These are the recent developments shaping the trajectory of Soleno Therapeutics.
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