Soleno Therapeutics' stock plunged 11.88% at the open on Thursday, as a significant analyst downgrade weighed heavily on investor sentiment.
The sharp intraday decline followed news that TD Cowen cut its price target on the biopharmaceutical company to $85 from $120. This substantial reduction represents a bearish shift in the firm's outlook on Soleno's valuation and future prospects.
The price target cut comes as Soleno continues the commercial rollout of VYKAT™ XR, its treatment for Prader-Willi syndrome, in the United States and pursues regulatory approvals in other territories.
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