Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Short Interest Update

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) saw a significant drop in short interest during 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 currently 0.1 days. Currently, 4.4% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Sonnet BioTherapeutics

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 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 Stock Performance

Shares of SONN traded down $0.06 on Friday, reaching $2.57. 30,658 shares of the company’s stock traded hands, compared to its average volume of 133,315. The stock’s 50 day simple moving average is $3.99 and its two-hundred day simple moving average is $2.09. Sonnet BioTherapeutics has a 52-week low of $2.50 and a 52-week high of $18.72.

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.