We recently published a list of 10 Stocks Jump, Defy Market Uncertainties on Thursday. In this article, we are going to take a look at where Soleno Therapeutics Inc. (NASDAQ:SLNO) stands against other stocks that jumped, defying market uncertainties on Thursday.

The stock market extended losses on Thursday, with all the major indices ending in the red as investors continued to sell off positions to minimize risks from the ongoing trade tensions globally.

The tech-heavy Nasdaq fell the hardest, down 0.53 percent, followed by the Dow Jones at 0.37 percent, and the S&P 500 at 0.33 percent.

The broader market decline was mainly weighed down by shares in automakers following President Donald Trump’s announcement of a 25-percent tariff on all vehicles imported to the US.

Meanwhile, 10 companies defied a broader market pessimism amid fresh company developments that buoyed buying appetite. Two gold miners were particularly notable as investors sought safer assets amid the economic uncertainties.

In this article, we listed Thursday’s 10 best performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.Why Soleno Therapeutics Inc. (SLNO) Surged On Thursday?

A clinical-stage biopharmaceutical company's boardroom, emphasizing the importance of decision-making for the lead candidate development of a once-daily oral tablet.

Soleno Therapeutics Inc. (NASDAQ:SLNO)

Soleno Therapeutics jumped by 37.61 percent on Thursday to end at $67.39 apiece as investors cheered news that it secured the approval of the Food and Drug Administration (FDA) for its diazoxide cholin—to be called Vykat XR—which aims to treat extreme hunger in patients with Prader-Willi syndrome.

The syndrome is a rare genetic disorder caused by abnormalities in chromosome 15. Its symptoms include low muscle tone, developmental delays, and behavioral challenges.

Meanwhile, extreme hunger poses a threat to people with the syndrome and can lead to severe obesity and associated health complications.

FDA’s approval followed a three-month delay after the agency classified responses from Soleno as a “major amendment” to its new drug application, requiring additional time to review.

Overall, SLNO ranks 2nd on our list of stocks that jumped, defying market uncertainties on Thursday. While we acknowledge the potential of SLNO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as SLNO but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.

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