Soleno Therapeutics Stock Soars Over 500% as Study Results Exceed Expectations

By Don Francis, Editor
September 27, 2023 11:49 AM UTC
Soleno Therapeutics Stock Soars Over 500% as Study Results Exceed Expectations

Cantor Fitzgerald's Kristen Kluska raised their price target on Soleno Therapeutics (NASDAQ: SLNO) by 84.2% from $19 to $35 on 2023/09/26. The analyst maintained their Strong Buy rating on the stock.

Kluska's update followed the report of Soleno Therapeutics' positive results from the randomized withdrawal phase of Study C602, an extended treatment study of DCCR (Diazoxide Choline) Extended-Release tablets for PWS (Prader-Willi syndrome). Among its most important findings, Kluska highlighted that the Study achieved its primary goal with (1) a high degree of statistical significance, (2) evidence of additional signals of durability, and (3) the placebo and medication curves diverged early, never overlapped, and strengthened over time.

Cantor Fitzgerald's expectations were more than met by the Study's results, the analyst said, noting that the stock price was up more than 500% on 2023/09/26, from $4.43 on 2023/09/25 to $26.80 on 2023/09/26.

The positive news surrounding Soleno Therapeutics has sparked strong support from analysts. According to recent data, 100% of top-rated analysts currently rate SLNO as a Strong Buy or Buy, with no analysts holding a Hold rating. Furthermore, no analysts recommend or strongly recommend selling the stock.

The stock's performance has been nothing short of remarkable. Since SLNO's last quarterly report on 2023/06/30, the stock price has surged by an astounding 524.7%. In the span of a year, SLNO has soared by 1414.1%. These impressive gains have far outpaced the performance of the broader market, with SLNO outperforming the S&P 500, which has only risen by 16.9% during the same period.

Kristen Kluska, the Cantor Fitzgerald analyst behind the recent price target increase, has an impressive track record. Ranked in the top 2% out of 4,337 Wall Street analysts by WallStreetZen, Kluska boasts an average return of 42.7% and a 32.5% win rate. Their specialization in the Healthcare sector adds further credibility to their analysis.

Soleno Therapeutics, Inc., the company at the center of the positive news, is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics for the treatment of rare diseases. The company's lead candidate is Diazoxide Choline Controlled-Release, a once-daily oral tablet for the treatment of Prader-Willi Syndrome, which is currently being evaluated in an ongoing Phase III clinical development program.

Soleno Therapeutics, Inc., formerly known as Capnia, Inc., changed its name in May 2017. With its headquarters in Redwood City, California, the company was founded in 1999 and has been dedicated to addressing the unmet medical needs of individuals with rare diseases ever since.

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