Tyler Van Buren, an analyst from TD Cowen, maintained the Buy rating on Soleno Therapeutics. The associated price target was raised to $120.00.
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Tyler Van Buren has given his Buy rating due to a combination of factors that highlight the promising performance and potential of Soleno Therapeutics. The company reported an impressive $33 million in revenue for Vykat XR during its first partial quarter, significantly surpassing both the consensus and buyside expectations. This strong financial performance underscores the urgent demand for hyperphagia treatments and showcases Soleno’s effective execution in launching a first-of-its-kind therapy for a rare disease.
Additionally, the rapid uptake of Vykat XR is evident from the 646 patient start forms and nearly 300 unique prescribers recorded by the end of the second quarter. This growth reflects the medical community’s recognition of the drug’s value for Prader-Willi Syndrome (PWS) patients. The robust payor support, with coverage for a third of insured U.S. lives, further strengthens the outlook for continued success. Van Buren’s confidence is bolstered by the strategic distribution partnership and the management’s ability to maintain momentum in the product’s rollout.