Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Short Interest Down 44.5% in March

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the target of a significant decrease in short interest during the month of March. As of March 15th, there was short interest totalling 51,500 shares, a decrease of 44.5% from the February 28th total of 92,800 shares. Currently, 1.7% of the shares of the stock are sold short. Based on an average trading volume of 156,400 shares, the days-to-cover ratio is currently 0.3 days.

Sonnet BioTherapeutics Stock Performance

Shares of SONN stock remained flat at $1.31 during trading hours on Friday. 69,524 shares of the company’s stock traded hands, compared to its average volume of 376,991. Sonnet BioTherapeutics has a 52-week low of $1.22 and a 52-week high of $16.80. The stock has a 50-day simple moving average of $1.52 and a 200 day simple moving average of $2.40.

Sonnet BioTherapeutics (NASDAQ:SONN) last released its earnings results on Thursday, February 13th. The company reported ($1.56) earnings per share for the quarter, beating analysts’ consensus estimates of ($11.12) by $9.56. The company had revenue of $1,000 billion during the quarter.

Institutional Investors Weigh In On Sonnet BioTherapeutics

A hedge fund recently bought a new stake in Sonnet BioTherapeutics stock. Virtu Financial LLC acquired a new position in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 39,647 shares of the company’s stock, valued at approximately $58,000. Virtu Financial LLC owned 1.30% of Sonnet BioTherapeutics as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 9.45% of the company’s stock.

Analysts Set New Price Targets

Separately, Chardan Capital reaffirmed a “buy” rating and set a $20.00 price target on shares of Sonnet BioTherapeutics in a research note on Friday.

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.