Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Short Interest Update

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the target of a significant growth in short interest in March. As of March 15th, there was short interest totalling 557,500 shares, a growth of 119.4% from the February 29th total of 254,100 shares. Currently, 20.1% of the shares of the company are short sold. Based on an average trading volume of 109,000 shares, the short-interest ratio is presently 5.1 days.

Wall Street Analyst Weigh In

Separately, Chardan Capital dropped their price objective on Sonnet BioTherapeutics from $75.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, February 15th.

Hedge Funds Weigh In On Sonnet BioTherapeutics

Several large investors have recently added to or reduced their stakes in SONN. Two Sigma Securities LLC purchased a new position in Sonnet BioTherapeutics in the 2nd quarter worth about $33,000. State Street Corp raised its stake in shares of Sonnet BioTherapeutics by 96.8% during the 2nd quarter. State Street Corp now owns 130,288 shares of the company’s stock worth $36,000 after buying an additional 64,100 shares during the period. Boothbay Fund Management LLC acquired a new stake in shares of Sonnet BioTherapeutics in the first quarter valued at about $49,000. Citadel Advisors LLC purchased a new stake in shares of Sonnet BioTherapeutics in the fourth quarter valued at about $51,000. Finally, Geode Capital Management LLC increased its position in shares of Sonnet BioTherapeutics by 485.8% during the 2nd quarter. Geode Capital Management LLC now owns 169,392 shares of the company’s stock worth $83,000 after purchasing an additional 140,476 shares during the last quarter. Hedge funds and other institutional investors own 9.45% of the company’s stock.

Sonnet BioTherapeutics Trading Down 6.4 %

Shares of NASDAQ SONN traded down $0.13 during midday trading on Thursday, hitting $1.90. 53,924 shares of the stock traded hands, compared to its average volume of 108,005. Sonnet BioTherapeutics has a one year low of $1.08 and a one year high of $26.40. The business has a 50 day moving average price of $1.71 and a two-hundred day moving average price of $1.86.

Sonnet BioTherapeutics (NASDAQ:SONN) last announced its quarterly earnings data on Wednesday, February 14th. The company reported ($0.31) EPS for the quarter. Sonnet BioTherapeutics had a negative net margin of 11,187.19% and a negative return on equity of 519.54%. The firm had revenue of $0.02 million for the quarter. As a group, equities analysts expect that Sonnet BioTherapeutics will post -2.27 earnings per share for the current fiscal year.

About Sonnet BioTherapeutics

Sonnet BioTherapeutics Holdings, Inc, a biotechnology company, owns a platform for biologic medicines of single or bifunctional action. The company develops fully human albumin binding technology, which utilizes human single chain antibodies fragment that binds to and hitch-hikes on human serum albumin for transport to target tissues.