Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN – Get Free Report) was the recipient of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 35,200 shares, a drop of 46.8% from the October 31st total of 66,200 shares. Based on an average trading volume of 441,700 shares, the days-to-cover ratio is presently 0.1 days. Currently, 4.4% of the shares of the stock are sold short.
Sonnet BioTherapeutics Price Performance
Shares of SONN stock traded down $0.14 during trading hours on Thursday, reaching $2.63. The company had a trading volume of 110,249 shares, compared to its average volume of 133,761. Sonnet BioTherapeutics has a 12-month low of $2.50 and a 12-month high of $18.72. The stock has a fifty day moving average of $3.93 and a 200-day moving average of $2.08.
Wall Street Analyst Weigh In
Separately, Chardan Capital reiterated a “buy” rating and issued a $30.00 target price on shares of Sonnet BioTherapeutics in a research report on Friday, August 23rd.
Institutional Trading of 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 – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 272,000 shares of the company’s stock, valued at approximately $255,000. Armistice Capital LLC owned about 8.74% of Sonnet BioTherapeutics at the end of the most recent quarter. 9.45% of the stock is currently owned by institutional investors.
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.
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