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.
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. Barchart.com
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. Investing.com
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.
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.
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.
