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

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) saw a large decline in short interest during the month of 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 days-to-cover ratio is currently 0.3 days. Currently, 1.7% of the shares of the company are sold short.

Analyst Ratings Changes

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

Sonnet BioTherapeutics Stock Performance

Shares of Sonnet BioTherapeutics stock remained flat at $1.31 on Friday. 69,524 shares of the stock were exchanged, compared to its average volume of 376,991. The stock’s 50-day moving average price is $1.52 and its 200 day moving average price is $2.40. Sonnet BioTherapeutics has a 52-week low of $1.22 and a 52-week high of $16.80.

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

Hedge Funds Weigh In On Sonnet BioTherapeutics

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

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.