Soleno Therapeutics experienced a significant stock surge following the FDA's approval of its drug, Vykat XR, intended for combating hyperphagia, a persistent and unyielding hunger associated with Prader-Willi syndrome. This condition, which has no known cure and affects 1 in 10,000 to 30,000 children, leads to extreme hunger and dissatisfaction post-eating. Vykat XR represents Soleno's first drug approval since its public offering in 2014, marking a crucial milestone for the company. Analysts expect that the drug, set to launch in April, will lead to a strong performance in the market, revealing a promising future for the firm.
Called Vykat XR, the drug is the first treatment to notch regulatory approval to address the extreme hunger that is associated with Prader-Willi.
The regulatory win also marks a milestone for Soleno, as it is the company's first approved drug since it went public in 2014.
Wall Street analysts cheered the approval, calling it a significant win for the stock and expecting a strong drug launch for the company.
We think the drug's well-positioned to launch strongly into what we see as a blockbuster opportunity, Stifel analyst James Condulis wrote in a note to clients.
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