Why Is SLNO Stock Surging Over 20% Overnight?

Neurocrine Biosciences is in advanced talks to acquire Soleno Therapeutics in a deal valued at $2.5 billion, according to a media report.
In this photo illustration, a Soleno Therapeutics company logo is seen displayed on a smartphone screen. (Photo Illustration by Piotr Swat/SOPA Images/LightRocket via Getty Images)
In this photo illustration, a Soleno Therapeutics company logo is seen displayed on a smartphone screen. (Photo Illustration by Piotr Swat/SOPA Images/LightRocket via Getty Images)
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Chinmay·Stocktwits
Published Apr 06, 2026   |   2:46 AM EDT
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  • The deal may be finalized as soon as Monday, the Financial Times reported.
  • Soleno has been a takeover target since the successful launch of its lead drug, Vykat XR, to treat Prader-Willi syndrome.
  • Retail sentiment on Stocktwits remains 'extremely bullish' with high message volumes.

Shares of Soleno Therapeutics (SLNO) jumped more than 20% in overnight trading heading into Monday after the Financial Times reported that Neurocrine Biosciences is in advanced talks to acquire the biopharmaceutical company in a deal that could value it at over $2.5 billion.

Neurocrine's offer is said to value Soleno shares in the low- to mid-$50 range, according to the FT, which cited people familiar with the discussions. The stock was trading at roughly $47.50 heading into Monday, giving it a market cap of about $2.04 billion at its last close.

Soleno, which develops treatments for the extreme hunger associated with Prader-Willi syndrome, has been on acquirers' radars since the successful commercial launch of Vykat XR, its once-daily hyperphagia pill. Between its launch in March last year and the end of 2025, roughly 1,250 patients had started on the drug, generating $190 million in sales, the FT reported.

What SLNO's Recent Earnings Show

Soleno's commercial momentum was on display in its most recent quarterly results. In late February, the company reported fourth-quarter revenue of $91.73 million, ahead of the consensus estimate of $88.55 million. CEO Anish Bhatnagar called the company's first year as a commercial organization "an outstanding success," noting that Soleno had received patient start forms representing over 12% of the U.S. Vykat XR addressable market in just nine months.

Last month, H.C. Wainwright trimmed its price target on Soleno to $100 from $120 following the quarterly report, while maintaining a 'Buy' rating, according to a summary on The Fly. The firm maintained a positive view of the company's commercial outlook and adjusted its peak U.S. market-share estimate for Vykat to 20% of the total Prader-Willi syndrome market.

What Are Retail Traders Saying About SLNO?

Retail sentiment on SLNO has turned 'extremely Bullish' from ‘bearish’ six months ago, while followers on Stocktwits grew by nearly 3% in the past 12 months.

SLNO Stock YTD | Chart: Stocktwits

Traders on Stocktwits are largely bullish on the deal prospects. "I want more. Minimum $75," one user posted following the report.

Another questioned whether the buzz of a $50-per-share valuation, implying a roughly 5% premium to the last close, would be enough to get a deal done.

Soleno shares have fallen roughly 5% since the company's IPO in April 2014. Neurocrine (NBIX), meanwhile, is down over 7% year-to-date and edged slightly lower in overnight trading heading into Monday.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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