Short Interest in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Declines By 21.8%

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the target of a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 34,700 shares, a drop of 21.8% from the August 31st total of 44,400 shares. Based on an average daily trading volume, of 133,800 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.7% of the company’s stock are short sold.

Sonnet BioTherapeutics Stock Performance

Shares of SONN traded down $0.02 during midday trading on Friday, hitting $0.71. The company had a trading volume of 119,204 shares, compared to its average volume of 93,287. Sonnet BioTherapeutics has a 1 year low of $0.62 and a 1 year high of $2.97. The company’s 50-day simple moving average is $0.80 and its 200-day simple moving average is $1.32.

Sonnet BioTherapeutics (NASDAQ:SONN) last issued its earnings results on Wednesday, August 14th. The company reported ($0.70) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.06. Sonnet BioTherapeutics had a negative return on equity of 398.45% and a negative net margin of 11,187.19%. On average, analysts predict that Sonnet BioTherapeutics will post -1.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Chardan Capital reiterated a “buy” rating and issued a $30.00 price objective on shares of Sonnet BioTherapeutics in a research note on Friday, August 23rd.

Institutional Investors Weigh In On Sonnet BioTherapeutics

A hedge fund recently bought a new stake in Sonnet BioTherapeutics stock. Armistice Capital LLC acquired a new stake in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 272,000 shares of the company’s stock, valued at approximately $255,000. Armistice Capital LLC owned about 8.74% of Sonnet BioTherapeutics at the end of the most recent quarter. Hedge funds and other institutional investors own 9.45% of the company’s stock.

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.