Short Interest in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Drops By 71.3%

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the recipient of a large drop in short interest in the month of December. As of December 31st, there was short interest totalling 62,500 shares, a drop of 71.3% from the December 15th total of 218,100 shares. Approximately 2.2% of the shares of the stock are sold short. Based on an average daily volume of 1,340,000 shares, the short-interest ratio is currently 0.0 days.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Sonnet BioTherapeutics stock. Armistice Capital LLC acquired a new stake in shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) in the second quarter, according to the company in its most recent 13F filing with the SEC. 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 as of its most recent SEC filing. Hedge funds and other institutional investors own 9.45% of the company’s stock.

Sonnet BioTherapeutics Price Performance

Shares of Sonnet BioTherapeutics stock traded down $0.04 during trading on Tuesday, hitting $1.54. The stock had a trading volume of 80,013 shares, compared to its average volume of 398,011. Sonnet BioTherapeutics has a 12 month low of $1.41 and a 12 month high of $18.72. The firm’s fifty day simple moving average is $2.24 and its 200-day simple moving average is $2.14.

Analyst Upgrades and Downgrades

Separately, Chardan Capital dropped their price objective on Sonnet BioTherapeutics from $30.00 to $20.00 and set a “buy” rating for the company in a research note on Friday, December 20th.

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.