Tuesday, 23 April 2024
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Soleno Therapeutics CFO sells over $213k in company stock By Investing.com

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Soleno Therapeutics Inc. (NASDAQ:) reported that its Chief Financial Officer, James H. Mackaness, sold a total of 5,175 shares of the company’s common stock on April 1, 2024. The transactions were carried out in two separate trades with the combined proceeds exceeding $213,000.

The first sale involved 3,104 shares at a weighted average price of $41.1227, with individual sale prices ranging from $40.42 to $41.415. The second transaction saw 2,071 shares sold at an average price of $41.6671, with prices varying from $41.42 to $42.28. These sales were executed to cover tax withholding obligations related to the vesting of restricted stock units, as noted in the footnotes of the filing.

Following the sales, Mackaness still holds a significant number of shares in the company, with certain securities in the form of restricted stock units, which grant the right to receive shares of common stock upon vesting.

Investors and followers of Soleno Therapeutics should note that the sales represent a routine transaction and are part of the executive’s stock compensation structure. The company remains focused on its mission within the electromedical and electrotherapeutic apparatus sector.

InvestingPro Insights

As Soleno Therapeutics Inc. (NASDAQ:SLNO) navigates the financial markets, recent data from InvestingPro provides a snapshot of the company’s current valuation and performance metrics. With a market capitalization of $1.36 billion USD, Soleno’s financial position reflects a blend of challenges and opportunities. The company’s Price to Earnings (P/E) ratio stands at -17.82, which may raise questions about its profitability in the short term. However, the InvestingPro Tips suggest that the company holds more cash than debt on its balance sheet and is expected to see net income growth this year.

InvestingPro Data indicates that Soleno has experienced a significant return over the last year, with a 1 Year Price Total Return of 1654.62%. This remarkable performance is coupled with a substantial six-month price uptick of 64.6%. Despite these impressive returns, the company’s Price to Book (P/B) ratio as of the last twelve months ending Q4 2023 stands at 8.61, which is considered high and may suggest that the stock is trading at a premium compared to its book value.

Investors interested in a deeper analysis will find additional InvestingPro Tips for Soleno Therapeutics, which can provide further insight into the company’s financial health and market performance. For…

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