Anish Bhatnagar, CEO, Soleno Therapeutics Inc. (NASDAQ:), recently sold a significant portion of the company's shares. According to an SEC filing, Bhatnagar sold a total of 21,091 shares over two days, January 2 and 3, 2025. The shares were sold at prices ranging from $45.3656 to $46.1764 per share, for a total transaction value of approximately $965,515. With a current market cap of $1.98 billion and analysts setting target prices between $67 and $93, InvestingPro The analysis indicates that the stock is currently overvalued compared 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 on 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 return of 23.55% 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 in Soleno Therapeutics. For deeper insights into insider trading patterns and comprehensive analysis, you can access the full SLNO research report on InvestingProwhich offers exclusive financial metrics and expert analysis.
In other recent news, Soleno Therapeutics has seen significant developments. The U.S. Food and Drug Administration (FDA) has extended its review period for Solino's new drug application for DCCR, a treatment for Prader-Willi syndrome, with a new target action date of March 27, 2025. Despite the delay, analysts from Baird remain… HC Wainwright, Oppenheimer and Laidlaw are optimistic about final DCCR approval and the Soleno project starting to generate revenue by mid-2025.
Stifel has identified Soleno Therapeutics as a top pick for 2025, as the company points to important upcoming catalysts that could drive the value of the company's shares. The company also expects positive early-stage data in 2025 to influence Eli Lilly's (NYSE:) decision to subscribe, which may ease investor doubts regarding the business opportunity for PCSK9 editors.
Soleno Therapeutics also entered into an agreement with Jefferies LLC to sell up to $150 million of its common stock and grant performance-based restricted stock units to its employees. Furthermore, the company's Board of Directors has undergone changes with the appointment of Matthew Pauls as the new leader independent (LON:) Director and Addition: Dawn Carter Beer. These are the latest developments shaping Soleno Therapeutics' trajectory.
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