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

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the recipient of a significant 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. Currently, 1.7% of the shares of the company are sold short. Based on an average daily volume of 156,400 shares, the short-interest ratio is currently 0.3 days.

Sonnet BioTherapeutics Stock Performance

Sonnet BioTherapeutics stock remained flat at $1.31 during mid-day trading on Friday. The company had a trading volume of 69,524 shares, compared to its average volume of 376,991. Sonnet BioTherapeutics has a 12 month low of $1.22 and a 12 month high of $16.80. The firm’s 50-day simple moving average is $1.52 and its 200-day simple moving average is $2.39.

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

Institutional Investors Weigh In On Sonnet BioTherapeutics

An institutional investor recently bought a new position in Sonnet BioTherapeutics stock. Two Sigma Investments LP purchased a new stake in shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 19,203 shares of the company’s stock, valued at approximately $28,000. Two Sigma Investments LP owned 0.63% of Sonnet BioTherapeutics as of its most recent filing with the Securities & Exchange Commission. 9.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

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.