Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Sees Large Increase in Short Interest

by · The Markets Daily

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN – Get Free Report) saw a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 20,800 shares, an increase of 61.2% from the September 30th total of 12,900 shares. Currently, 3.4% of the company’s stock are short sold. Based on an average daily volume of 27,500 shares, the short-interest ratio is presently 0.8 days.

Wall Street Analysts Forecast Growth

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

Get Our Latest Stock Analysis on SONN

Institutional Trading of 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 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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. 9.45% of the stock is owned by institutional investors and hedge funds.

Sonnet BioTherapeutics Stock Performance

Shares of SONN traded down $1.04 during mid-day trading on Monday, hitting $4.97. 167,887 shares of the company’s stock were exchanged, compared to its average volume of 15,487. The firm has a fifty day moving average of $2.77 and a two-hundred day moving average of $1.83. Sonnet BioTherapeutics has a twelve month low of $4.14 and a twelve month high of $18.72.

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

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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