10 Best Cheap Stocks That Will Skyrocket

2. Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Forward P/E: 8.76

Stock Upside Potential: 147.60%

Number of Hedge Fund Holders: 58

Soleno Therapeutics Inc. (NASDAQ:SLNO) is one of the best cheap stocks that will skyrocket. On January 13, analysts at Cantor Fitzgerald reiterated an Overweight rating on the stock and set a $123 price target. The positive stance is in response to the company reaching 12.5% market share in its Prader-Willi Syndrome (PWS) treatment, Vykat.

Consequently, the company is expected to generate $98.67 million in revenue even as the discontinuation rate on the flagship drug remains at 15%. Cantor Fitzgerald expects Soleno to add 1,000 patients every 9 to 12 months, representing 10% of the total addressable market. While the company has enjoyed strong adoption among younger patients, there is a significant shift toward older patients, including those aged 27-42 and 43-65.

Meanwhile, Baird lowered its price target on the stock to $107 from $121 while reiterating an Outperform rating. The new price target represents significant upside potential given that the stock trades at about $41 a share. The research firm remains bullish on the company’s stock, projecting sales of $90 to $92 million for its Vykat drug, exceeding its $82 million estimate.

Soleno Therapeutics, Inc. (NASDAQ:SLNO) is a biopharmaceutical company focused on developing treatments for rare diseases, most notably Prader-Willi syndrome (PWS), a complex genetic disorder. Its lead product, VYKAT XR is the first FDA-approved therapy for hyperphagia (excessive hunger) in PWS patients aged 4 and older, a major symptom of the condition.