Soleno Therapeutics' Price Targets Slashed to $110 and $85 After Q4 Surge
Wells Fargo cut Soleno Therapeutics’ price target to $110 from $114, reaffirmed an Overweight rating and cited management’s pipeline build-out and CFO retirement. TD Cowen cut its target to $85 from $120 after Soleno posted $91.7M in Q4 VYKAT XR sales and $190.4M in 2025 revenue.
1. Price Target Cuts
Wells Fargo reduced its price target on Soleno Therapeutics to $110 from $114 while maintaining an Overweight rating. TD Cowen also lowered its target to $85 from $120 and reaffirmed its Buy rating, reflecting varied analyst views on valuation upside.
2. Strong Q4 and Full-Year Results
Soleno reported $91.7 million in Q4 VYKAT XR sales and $190.4 million in revenue for 2025. The company generated $48.7 million in operating cash flow and achieved $20.9 million in net income, marking its first profitable year.
3. Management Updates
Leadership emphasized plans to expand the pipeline and enhance lifecycle management for VYKAT XR even as the CFO plans to retire. These strategic moves have tempered some near-term takeover expectations driven by past deal speculation.
4. 2026 Commercial Outlook
Executives project roughly 1,000 new patient start forms for VYKAT XR over the next 9–12 months. This forecast underpins management’s optimism for sustained revenue growth and cash flow generation in fiscal 2026.