Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Short Interest Up 218.3% in October

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 66,200 shares, a growth of 218.3% from the October 15th total of 20,800 shares. Based on an average trading volume of 428,300 shares, the short-interest ratio is currently 0.2 days. Approximately 3.9% of the shares of the stock are short sold.

Sonnet BioTherapeutics Trading Up 0.3 %

Shares of NASDAQ SONN traded up $0.01 during midday trading on Wednesday, reaching $3.06. The company had a trading volume of 72,589 shares, compared to its average volume of 133,578. Sonnet BioTherapeutics has a one year low of $2.88 and a one year high of $18.72. The firm’s fifty day moving average price is $3.48 and its 200-day moving average price is $2.00.

Sonnet BioTherapeutics (NASDAQ:SONN) last issued its earnings results on Wednesday, August 14th. The company reported ($0.70) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.06. As a group, sell-side analysts forecast that Sonnet BioTherapeutics will post -12.88 EPS for the current year.

Institutional Trading of Sonnet BioTherapeutics

A hedge fund recently bought a new stake in Sonnet BioTherapeutics stock. Armistice Capital LLC bought a new stake in shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 272,000 shares of the company’s stock, valued at approximately $255,000. Armistice Capital LLC owned 8.74% of Sonnet BioTherapeutics as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 9.45% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.