Stock Market Today, April 6: Soleno Therapeutics Climbs After $2.9 Billion All-Cash Buyout Agreement

Soleno Therapeutics (SLNO +32.39%), a rare-disease drug developer, closed Monday at $52.26, up 32.31%. The stock’s move reflects Neurocrine Biosciences’ (NBIX +0.62%) $53-per-share all-cash acquisition offer for Soleno. Investors are watching for any deal-related regulatory or closing risks. Trading volume reached 58 million shares, coming in about 2,148% above its three-month average of 2.6 million shares. Soleno Therapeutics IPO’d in 2014 and has fallen 96% since going public.

How the markets moved today

The S&P 500 gained 0.43% to finish Monday at 6,611, while the Nasdaq Composite added 0.54% to close at 21,996. Among biotechnology industry peers, Rezolute closed at $3.26, up 4.49%, and Ligand Pharmaceuticals ended at $203.61, rising 1.61%, as deal activity and drug data kept the group in focus.

What this means for investors

Neurocrine Biosciences reinforced its rare-disease drug portfolio on Monday, acquiring Soleno Therapeutics and its VYKAT XR treatment for hyperphagia in patients with Prader-Willi Syndrome (PWS). Soleno’s main drug, the first and only FDA-approved treatment for hyperphagia in patients with PWS, was launched in March 2025 and has delivered sales of $33 million, $66 million, and $92 million over the last three quarters.

Home to $2.5 billion in cash, Neurocrine’s offer of $2.9 billion for Soleno doesn’t break the bank and adds a third commercial drug for the biotech. VYKAT XR’s intellectual property should run through the 2040’s, adding serious long-term potential for Neurocrine. Trading at 18 times FCF, Neurocrine is an interesting stock to watch should this deal go through.