Soleno Therapeutics (SLNO) +30% on Breakthrough Designation
Shares of Soleno Therapeutics (SLNO) are rallying today after the FDA granted the company’s lead drug candidate (DCCR) Breakthrough Therapy Designation for the treatment of adults and children ages four years and older with Prader-Willi syndrome (PWS). The award was based on data from the Phase 3 program and it means accelerated review of DCCR. Recall that we are awaiting submission of an NDA for DCCR in mid-2024, and eventual FDA approval (which is now expected to happen more quickly) would mean Soleno can begin selling the therapy. Like most biotech stocks, SLNO can move around a lot. Today’s action shows why frustrating drawdowns on no news (like the one over the last three months) can “not really matter” when good news strikes. Will keep SLNO at hold and look for follow-through. HOLD
Copyright © 2024. All rights reserved. Copying or electronic transmission of this information without permission is a violation of copyright law. For the protection of our subscribers, copyright violations will result in immediate termination of all subscriptions without refund. Disclosures: Cabot Wealth Network exists to serve you, our readers. We derive 100% of our revenue, or close to it, from selling subscriptions to our publications. Neither Cabot Wealth Network nor our employees are compensated in any way by the companies whose stocks we recommend or providers of associated financial services. Employees of Cabot Wealth Network may own some of the stocks recommended by our advisory services. Disclaimer: Sources of information are believed to be reliable but they are not guaranteed to be complete or error-free. Recommendations, opinions or suggestions are given with the understanding that subscribers acting on information assume all risks involved. Buy/Sell Recommendations: are made in regular issues, updates, or alerts by email and on the private subscriber website. Subscribers agree to adhere to all terms and conditions which can be found on CabotWealth.com and are subject to change. Violations will result in termination of all subscriptions without refund in addition to any civil and criminal penalties available under the law.
