New York, Jan 9, 2026, 13:28 (EST) — Regular session
- SLNO shares fall about 6%, lagging a broader biotech rebound
- Law-firm “investigation” notices re-focus traders on past short-seller claims and launch churn
- Next watch: quarterly launch update and an estimated late-February earnings date
Soleno Therapeutics shares slid on Friday, extending a choppy stretch for the rare-disease drugmaker. The stock was down 5.6% at $42.95, after touching a low of $42.73, while the SPDR S&P Biotech ETF was up about 1.1%.
The move matters now because Soleno’s story still hinges on a young commercial launch and a single product, Vykat XR. Any shift in sentiment around safety, pricing, or patients staying on therapy can hit the stock hard, fast.
A Zacks Equity Research industry outlook on Thursday highlighted Soleno alongside Nektar Therapeutics, Rigel Pharmaceuticals, Ironwood Pharmaceuticals and Marker Therapeutics. The note said Vykat XR has generated about $99 million in net product sales since its April launch and is under review in the European Union; Zacks Rank is the firm’s stock rating. 1
Shareholder rights law firms Pomerantz LLP and Bragar Eagel & Squire issued separate “investigation” notices on Thursday, urging investors to contact them. The releases pointed back to an Aug 15 short-seller report that described Vykat XR as overpriced and potentially unsafe for children. 2
On a Nov 4 earnings call, Soleno CEO Anish Bhatnagar said the company “did see a disruption” after that short-seller report, with fewer start forms and more discontinuations tied to non-serious adverse events. Soleno also said the discontinuation rate related to adverse events was about 8% at the end of the third quarter. 3
Vykat XR is approved in the United States for hyperphagia — an intense, constant hunger — in people aged 4 and older with Prader-Willi syndrome, a rare genetic condition. Reuters reported the drug’s annual cost at about $466,200.
In its last reported quarter (ended Sept 30), Soleno said net product revenue from Vykat XR was $66.0 million and it posted net income of $26.0 million. The company reported 1,043 patient start forms since March approval and $556.1 million in cash, cash equivalents and marketable securities. 4
Technically, the stock is hovering just above its 52-week low of $41.50 and sits far below its 52-week high of $90.32, Barchart data showed. Traders have watched the $45 area — Thursday’s close — as a near-term line to regain. 5
But the setup cuts both ways. Any sign of slower patient starts, tougher insurance coverage, or delays in Europe could squeeze expectations again, while litigation talk can keep volatility high.
