H.C. Wainwright analyst Ram Selvaraju has reiterated their bullish stance on SLNO stock, giving a Buy rating yesterday.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Ram Selvaraju has given his Buy rating due to a combination of factors that enhance the outlook for Soleno Therapeutics. A significant factor is the recent setback of a competitor’s product, intranasal carbetocin by ACADIA Pharmaceuticals, which failed to show significant efficacy in a Phase 3 trial for Prader-Willi syndrome. This development reduces competitive pressure on Soleno’s VYKAT XR, improving its commercial prospects.
Additionally, the U.S. roll-out of VYKAT XR has shown promising results with strong sales figures, and the drug is expected to become a key therapy for Prader-Willi syndrome. The company’s projections for future sales are optimistic, supported by increasing prescription rates and insurance coverage. Furthermore, the ongoing European regulatory review for VYKAT XR, which has already been approved in the U.S., could expand its market reach significantly if approved, especially given its Orphan Drug Designation in the EU, offering potential market exclusivity and incentives.
According to TipRanks, Selvaraju is a 5-star analyst with an average return of 20.3% and a 52.42% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Bioxcel Therapeutics, Emergent Biosolutions, and BridgeBio Pharma.
In another report released yesterday, Stifel Nicolaus also reiterated a Buy rating on the stock with a $118.00 price target.