Soleno Therapeutics falls after $200 million stock sale priced

Drugmaker Soleno Therapeutics' SLNO.O shares fall 5.2% to $83.88 in early trading after $200 million stock offering priced

SLNO sold ~2.4 million shares at $85 apiece, a 4% discount to stock's last close

Goldman Sachs, Guggenheim Securities, TD Cowen, Cantor and Oppenheimer were the joint book-running managers

Proceeds will be used to fund commercialization of rare disease drug Vykat XR and to fund regulatory and market development activities in the European Union, among other purposes

The drug, which was approved by the U.S. Food and Drug Administration in March, treats hyperphagia in individuals with Prader-Willi syndrome

Co expects net revenue from sales of Vykat XR to be between $31 million and $33 million for the three months ended June 30

SLNO had 49.5 million outstanding shares as of March 31, according to prospectus

As of last close, SLNO stock has nearly doubled YTD