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

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the target of a large drop in short interest during the month of September. As of September 30th, there was short interest totalling 12,900 shares, a drop of 62.8% from the September 15th total of 34,700 shares. Approximately 2.0% of the company’s shares are short sold. Based on an average trading volume of 23,700 shares, the short-interest ratio is currently 0.5 days.

Sonnet BioTherapeutics Stock Down 0.6 %

SONN traded down $0.03 during trading on Friday, reaching $4.76. The company had a trading volume of 10,791 shares, compared to its average volume of 13,689. The business has a 50 day simple moving average of $1.69 and a 200-day simple moving average of $1.55. Sonnet BioTherapeutics has a 52 week low of $4.37 and a 52 week high of $20.88.

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

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 position in shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 272,000 shares of the company’s stock, valued at approximately $255,000. Armistice Capital LLC owned approximately 8.74% of Sonnet BioTherapeutics as of its most recent SEC filing. 9.45% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

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.