Soleno Therapeutics (NASDAQ:SLNO) traded higher on Tuesday after Betaville said in a report that the Redwood City, California-based biotech has received buyout interest from multiple parties.
Nearly 954.8K shares of the company have changed hands compared to its 65-day average volume of 1.25M as the SLNO stock extended its four-day rally.
According to Betaville, a Swiss company and an American biotech company have indicated interest in Soleno (NASDAQ:SLNO), which focuses on rare disease therapies. “Soleno does not comment on rumors and market speculation,” a company spokesperson said in a response to requests for comments.
The report comes after Soleno’s (NASDAQ:SLNO) over 80% surge this year, which has propelled its valuation to more than $4.0B.
However, SLNO has remained a Hold among Seeking Alpha authors, including Edmund Ingham, Investing Group Leader of Haggerston BioHealth, who argued that the company “is entering uncharted territory” with its newly approved therapy Vykat.
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