Short Interest in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Declines By 62.8%

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the recipient of a significant decline in short interest in September. As of September 30th, there was short interest totalling 12,900 shares, a decline of 62.8% from the September 15th total of 34,700 shares. Approximately 2.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 23,700 shares, the short-interest ratio is presently 0.5 days.

Institutional Investors Weigh In On Sonnet BioTherapeutics

An institutional investor recently bought a new position in Sonnet BioTherapeutics stock. Armistice Capital LLC purchased a new stake in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 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 SEC filing. 9.45% of the stock is currently owned by institutional investors.

Sonnet BioTherapeutics Price Performance

Shares of NASDAQ:SONN opened at $4.79 on Friday. Sonnet BioTherapeutics has a 12 month low of $4.37 and a 12 month high of $20.88. The company’s 50-day moving average price is $1.61 and its two-hundred day moving average price is $1.53.

Sonnet BioTherapeutics (NASDAQ:SONN) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.70) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.06. On average, sell-side analysts expect that Sonnet BioTherapeutics will post -12.88 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Chardan Capital reaffirmed a “buy” rating and set a $30.00 price target on shares of Sonnet BioTherapeutics in a report on Friday, August 23rd.

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.