Short Interest in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Drops By 44.5%

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the target of a large decline in short interest in March. As of March 15th, there was short interest totalling 51,500 shares, a decline of 44.5% from the February 28th total of 92,800 shares. Based on an average daily trading volume, of 156,400 shares, the short-interest ratio is presently 0.3 days. Currently, 1.7% of the company’s stock are sold short.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Sonnet BioTherapeutics stock. Two Sigma Investments LP bought a new position in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 19,203 shares of the company’s stock, valued at approximately $28,000. Two Sigma Investments LP owned approximately 0.63% of Sonnet BioTherapeutics at the end of the most recent reporting period. Hedge funds and other institutional investors own 9.45% of the company’s stock.

Sonnet BioTherapeutics Stock Performance

SONN stock traded down $0.03 during midday trading on Friday, reaching $1.28. 2,963 shares of the company’s stock traded hands, compared to its average volume of 375,272. Sonnet BioTherapeutics has a 52 week low of $1.25 and a 52 week high of $16.80. The firm’s fifty day moving average price is $1.53 and its 200-day moving average price is $2.38.

Sonnet BioTherapeutics (NASDAQ:SONN) last posted its earnings results on Thursday, February 13th. The company reported ($1.56) earnings per share for the quarter, topping analysts’ consensus estimates of ($11.12) by $9.56. The business had revenue of $1,000 billion during the quarter.

Analyst Upgrades and Downgrades

Separately, Chardan Capital reiterated a “buy” rating and issued a $20.00 price target on shares of Sonnet BioTherapeutics in a report on Friday.

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.