Why Soleno Therapeutics Inc. (SLNO) Went Up On Friday?
We recently published a list of . In this article, we are going to take a look at where Soleno Therapeutics Inc. (NASDAQ:SLNO) stands against other firms that end Friday strong.
Wall Street's main indices finished the trading week in the negative territory as investor sentiment was weighed down by economic uncertainties brought about by the ongoing trade tensions globally.
The tech-heavy Nasdaq fell the heaviest, by 2.70 percent, followed by the S&P 500, by 1.97 percent, and the Dow Jones, by 1.69 percent.
Despite the broader market downturn, 10 individual stocks showed a strong performance during the trading session, with three companies particularly notable for hitting new all-time highs.
In this article, we listed Friday's top performers and detailed the reasons behind their gains.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.
A clinical-stage biopharmaceutical company's boardroom, emphasizing the importance of decision-making for the lead candidate development of a once-daily oral tablet.
Soleno Therapeutics jumped for a second day on Friday, adding another 6.83 percent to its valuation to end at $71.99 apiece after securing the approval of the Food and Drug Administration (FDA) for its diazoxide cholin—to be called Vykat XR—which aims to treat extreme hunger in patients with Prader-Willi syndrome.
The syndrome is a rare genetic disorder caused by abnormalities in chromosome 15. Its symptoms include extreme hunger, low muscle tone, developmental delays, and behavioral challenges.
Meanwhile, extreme hunger poses a threat to people with the syndrome and can lead to severe obesity and associated health complications.
FDA's approval followed a three-month delay after the agency classified responses from Soleno as a 'major amendment' to its new drug application, requiring additional time to review.
Overall, SLNO ranks 3rd on our list of firms that end Friday strong. While we acknowledge the potential of SLNO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as SLNO but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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