Soleno Therapeutics (SLNO) Jumps 13.46% as Competitor Fails Prader-Willi Treatment Trial

We recently published 10 Stocks Crushing Wall Street, AI Stocks Dominate. Soleno Therapeutics Inc. (NASDAQ:SLNO) is one of the top performers on Tuesday.

Soleno Therapeutics extended its winning streak to a third consecutive day on Wednesday, jumping 13.46 percent to finish at $64.50 apiece, attracting investor funds after its competitor failed in its drug clinical trial for a treatment candidate for Prader-Willi syndrome (PWS).

On Wednesday, Soleno Therapeutics, Inc.’s (NASDAQ:SLNO) competitor, Acadia Pharmaceuticals Inc., announced that the third phase of its clinical trial for the potential treatment for PWS “did not demonstrate a statistically significant improvement” over placebo on the study’s primary endpoint.

Following the results, the latter said that it was no longer pursuing the development of the drug candidate.

The drop removed a significant threat to Soleno Therapeutics, Inc.’s (NASDAQ:SLNO) own PWS drug Vykat, which was approved by the Food and Drug Administration to treat hyperphagia in patients with PWS.

Vykat is also the only FDA-approved drug to treat such a condition.

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Disclosure: None. This article is originally published at Insider Monkey.