Soleno Therapeutics initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Soleno Therapeutics (SLNO) with an Overweight rating and $123 price target The shares are down 23% this month on concerns over Vykat’s satiety, competition and and its recent financing which could be a sign of no near-term takeover, the analyst tells investors in a research note. Wells views the concerns as overblown. Vykat’s launch in Prader-Willi syndrome remains early, and the significant unmet should drive meaningful near-term uptake, the analyst tells investors in a research note. Wells recommends buying Soleno shares on the recent pullback.