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

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 20,800 shares, an increase of 61.2% from the September 30th total of 12,900 shares. Based on an average daily volume of 27,500 shares, the short-interest ratio is presently 0.8 days. Currently, 3.4% of the shares of the company are short sold.

Institutional Investors Weigh In On Sonnet BioTherapeutics

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

Sonnet BioTherapeutics Stock Down 9.3 %

SONN traded down $0.46 during trading on Tuesday, hitting $4.51. 35,638 shares of the stock traded hands, compared to its average volume of 15,585. The business has a 50 day moving average price of $2.77 and a 200 day moving average price of $1.83. Sonnet BioTherapeutics has a twelve month low of $4.14 and a twelve month high of $18.72.

Sonnet BioTherapeutics (NASDAQ:SONN) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.70) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.06. Research analysts forecast that Sonnet BioTherapeutics will post -12.88 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Chardan Capital reiterated a “buy” rating and issued a $30.00 price target on shares of Sonnet BioTherapeutics in a research 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.