Soleno Therapeutics price target lowered to $59 from $65 at Oppenheimer

Oppenheimer lowered the firm’s price target on Soleno Therapeutics to $59 from $65 and keeps an Outperform rating on the shares. Nearing DCCR’s NDA submission to the FDA, which remains on track for mid-year, investor interest in this candidate’s commercial opportunity in Prader-Willi syndrome remains high, the firm notes. Recent publication comparing data from C601/602 trial cohorts with that collected in the PATH for PWS natural history study further support long-term DCCR use and its benefit on hyperphagia and other behaviors associated with PWS. Following receipt of FDA Breakthrough Designation and a public equity offering, Oppenheimer believes Soleno is well-positioned ahead of DCCR’s regulatory proceedings.