Shares of Soleno Therapeutics (NASDAQ: SLNO) are surging in pre-market trading on Thursday, climbing 7.15% following a bullish analyst update. The biotechnology company's stock is reacting positively to Guggenheim's decision to raise its target price for Soleno from $81 to $97.

The significant upward revision in the target price by Guggenheim, a respected financial services firm, signals strong confidence in Soleno Therapeutics' future prospects. This type of analyst action often leads to increased investor interest and can drive stock prices higher, as evidenced by the pre-market movement.

While specific reasons for Guggenheim's more optimistic outlook were not immediately available, such target price increases are typically based on factors like improved financial performance, promising drug development progress, or positive industry trends. Investors will likely be watching closely for any additional information or company announcements that might shed light on this bullish stance. As always, market participants are advised to conduct their own research and consider their individual risk tolerance before making investment decisions based on analyst recommendations.