In a report released yesterday, Tyler Van Buren from TD Cowen downgraded Soleno Therapeutics to a Hold, with a price target of $53.00.
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Tyler Van Buren has given his Hold rating due to a combination of factors related to Neurocrine Biosciences’ agreement to acquire Soleno Therapeutics at $53 per share, valuing the equity at about $2.9 billion and offering a substantial premium to the recent trading average. He views the transaction’s timing, roughly one year after launch, as appropriate and considers Neurocrine a strong strategic acquirer given its experience in rare endocrine disorders.
Because the agreed takeout price now effectively caps the near‑term upside in the stock, he sees limited potential for additional gains from current levels and believes the chances of a higher competing offer are low. As a result, he has reduced his price target to align with the acquisition value, removed ex‑U.S. revenue assumptions from his model, and shifted his stance from Buy to Hold to reflect the risk‑reward profile under the pending deal.
In another report released today, TipRanks – Anthropic also reiterated a Hold rating on the stock with a $43.00 price target.