New York, February 2, 2026, 12:52 (EST) — Regular session
- SLNO surges in midday trading, beating the broader biotech rally
- Attention shifts back to VYKAT XR’s launch momentum and the upcoming financial report
- Coming up next: an investor conference appearance on Feb. 12
Soleno Therapeutics, Inc. (SLNO) shares surged 8.9% to close at $42.00 on Monday, hitting a peak of $42.03 and dipping to $38.57 during Nasdaq’s regular session.
The move is significant because the company’s future hinges on VYKAT XR, a once-daily pill approved by the U.S. Food and Drug Administration in March 2025 to treat hyperphagia—uncontrollable hunger—in Prader-Willi syndrome, a rare genetic disorder. In January, Soleno reported preliminary 2025 U.S. net revenue for VYKAT XR between $189 million and $191 million, backed by 1,250 patient start forms and coverage for roughly 185 million lives. The company also ended the year with about $500 million in cash and turned profitable. CEO Anish Bhatnagar called 2025 “a truly transformational year,” with full results expected in late February. Soleno added it had addressed Day 120 questions from the European Medicines Agency. markets.businessinsider.com
Biotech shares gained ground broadly, led by the SPDR S&P Biotech ETF, which climbed 1.7%. The iShares Nasdaq Biotechnology ETF followed, up 0.9%. The SPDR S&P 500 ETF Trust ticked up 0.6%, while the Invesco QQQ Trust added 0.9%.
The company didn’t release any new news on Monday, so the surge looks like a swift rebound in a stock known for rapid moves when buyers step in.
Investors are digesting a peer-reviewed paper on VYKAT XR’s pivotal “randomized withdrawal” trial, where patients either continued the drug or switched to placebo to check if the benefits lasted. The study found hyperphagia worsened after stopping the drug. Jennifer L. Miller, the lead author and University of Florida professor, noted a “significant worsening of hyperphagia” among those shifted to placebo. The results were published in the Journal of Clinical Endocrinology and Metabolism. GlobeNewswire
Such a study won’t move quarterly sales by itself. But it can influence how doctors and payers perceive a drug still establishing its real‑world track record.
The downside is straightforward. Coverage might narrow, persistence could fall short, and side effects may limit wider adoption — any hiccup in the launch trajectory usually hits the stock quickly.
Traders are now focused on the next clear data point: patient starts, refill patterns, and the portion of that “covered lives” figure that translates into consistent prescriptions.
Soleno Therapeutics kicks off its investor-conference run with a fireside chat at the Guggenheim biotech summit on Feb. 12. Next up is a presentation at Oppenheimer’s healthcare conference on Feb. 26, followed by an appearance at TD Cowen’s health care meeting on March 4.
