Sonnet BioTherapeutics (NASDAQ:SONN) Price Target Cut to $20.00 by Analysts at Chardan Capital

Sonnet BioTherapeutics (NASDAQ:SONN) had its price target reduced by Chardan Capital from $30.00 to $20.00 in a research note released on Friday,Benzinga reports. Chardan Capital currently has a buy rating on the stock.

Sonnet BioTherapeutics Stock Down 1.9 %

Shares of SONN stock opened at $1.56 on Friday. The stock has a 50-day simple moving average of $3.43 and a 200 day simple moving average of $2.12. Sonnet BioTherapeutics has a fifty-two week low of $1.55 and a fifty-two week high of $18.72.

Institutional Trading of Sonnet BioTherapeutics

An institutional investor recently bought a new position in Sonnet BioTherapeutics stock. Armistice Capital LLC acquired a new stake in shares of 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. The institutional investor acquired 272,000 shares of the company’s stock, valued at approximately $255,000. Armistice Capital LLC owned about 8.74% of Sonnet BioTherapeutics as of its most recent filing with the Securities and Exchange Commission. 9.45% of the stock is owned by institutional investors and hedge funds.

Sonnet BioTherapeutics Company Profile

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.