Soleno Therapeutics (SLNO) is expected to see a slower US launch for Vykat XR, but 2026 sales could still beat expectations, Oppenheimer said in a note Wednesday.
Vykat XR targets Prader-Willi syndrome, a rare condition characterized by excessive desire to eat, or hyperphagia, which is the major source of morbidity and mortality, the note said.
The firm said it now expects US sales of $491 million in 2026, $620 million in 2027, $725 million in 2028, $819 million in 2029, and $901 million in 2030, down from Oppenheimer's previous estimates of $563 million, $827 million, $1.2 billion, $1.44 billion, and $1.57 billion, respectively.
The firm added that while it expects a seasonal impact to Q1, the current market expectations are "conservative." It projects the quarter's revenue to be $97 million, with optimism for a stronger start to the year.
Oppenheimer reiterated its outperform rating on Soleno Therapeutics but lowered its price target to $80 from $110.
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