Short Interest in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Decreases By 46.8%

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the recipient of a large decrease in short interest in November. As of November 15th, there was short interest totalling 35,200 shares, a decrease of 46.8% from the October 31st total of 66,200 shares. Approximately 4.4% of the company’s stock are short sold. Based on an average trading volume of 441,700 shares, the days-to-cover ratio is presently 0.1 days.

Sonnet BioTherapeutics Price Performance

Shares of NASDAQ SONN traded down $0.06 during midday trading on Friday, reaching $2.57. The company’s stock had a trading volume of 30,658 shares, compared to its average volume of 133,315. The firm has a 50 day moving average price of $3.99 and a 200-day moving average price of $2.09. Sonnet BioTherapeutics has a 12-month low of $2.50 and a 12-month high of $18.72.

Institutional Inflows and Outflows

An institutional investor recently bought a new position 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 its most recent filing with the SEC. The fund bought 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 reporting period. Hedge funds and other institutional investors own 9.45% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Chardan Capital reissued a “buy” rating and set 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.