Sonnet BioTherapeutics (NASDAQ:SONN) Stock Rating Reaffirmed by Chardan Capital

Sonnet BioTherapeutics (NASDAQ:SONN)‘s stock had its “buy” rating restated by research analysts at Chardan Capital in a research note issued to investors on Friday, Benzinga reports. They presently have a $30.00 price target on the stock.

Sonnet BioTherapeutics Stock Performance

Shares of SONN traded up $0.03 during mid-day trading on Friday, hitting $0.73. The company’s stock had a trading volume of 11,272 shares, compared to its average volume of 94,653. The firm has a 50-day moving average price of $0.90 and a 200 day moving average price of $1.48. Sonnet BioTherapeutics has a fifty-two week low of $0.62 and a fifty-two week high of $6.60.

Sonnet BioTherapeutics (NASDAQ:SONN) last issued 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. Sonnet BioTherapeutics had a negative net margin of 11,187.19% and a negative return on equity of 382.31%. Equities research analysts anticipate that Sonnet BioTherapeutics will post -2.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Sonnet BioTherapeutics

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

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.