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We recently published a list of 10 Stocks Outperform Broader Market Last Week. In this article, we are going to take a look at where Soleno Therapeutics Inc. (NASDAQ:SLNO) stands against other stocks that outperformed broader market last week.
Wall Street’s main indices traded lower week-on-week as investor sentiment continued to be dragged by the ongoing trade tensions globally.
The tech-heavy Nasdaq was down by 2.59 percent versus its level on March 21. Meanwhile, the S&P 500 declined by 1.5 percent and the Dow Jones dropped by 0.956 percent.
Ten individual stocks, on the other hand, managed to stay stronger, three of which were particularly notable as funds flocking to gold assets spilled over into their stocks.
In this article, we listed last week’s 10 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 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 Inc. (NASDAQ:SLNO)
Soleno Therapeutics soared by 46.6 percent week-on-week to end at $71.99 on Friday versus the $49.11 close on March 21, 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 1st on our list of stocks that outperformed broader market last week. 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.