Wells Fargo would be buyers of Soleno amid FAERS update weakness

Wells Fargo notes that shares of Soleno Therapeutics (SLNO) are down 12% after an update in the FDA FAERS system included a death of a PWS patient receiving VYKAT due to a pulmonary embolism. However, the firm highlights this doesn’t mean VYKAT caused the death and points out that 50% of PWS deaths typically are from cardiac and respiratory issues. The firm, which think this pullback presents a buying opportunity and remains bullish on VYKAT’s launch in PWS, has an Overweight rating and $123 price target on Soleno shares.