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.

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

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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.