Short Interest in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Declines By 62.8%

by · The Cerbat Gem

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN – Get Free Report) was the recipient of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 12,900 shares, a decline of 62.8% from the September 15th total of 34,700 shares. Based on an average daily trading volume, of 23,700 shares, the days-to-cover ratio is currently 0.5 days. Currently, 2.0% of the company’s stock are sold short.

Institutional Investors Weigh In On Sonnet BioTherapeutics

An institutional investor recently bought a new position in Sonnet BioTherapeutics stock. Armistice Capital LLC acquired a new position in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 (SEC). 9.45% of the stock is owned by hedge funds and other institutional investors.

Sonnet BioTherapeutics Price Performance

SONN opened at $4.79 on Friday. The business has a fifty day simple moving average of $1.61 and a 200-day simple moving average of $1.53. Sonnet BioTherapeutics has a fifty-two week low of $4.37 and a fifty-two week high of $20.88.

Sonnet BioTherapeutics (NASDAQ:SONN – Get Free Report) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.70) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.06. As a group, equities analysts expect that Sonnet BioTherapeutics will post -12.88 EPS for the current year.

Analyst Upgrades and Downgrades

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

View Our Latest Analysis on SONN

Sonnet BioTherapeutics Company Profile

(Get Free Report)

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.

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