Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Short Interest Down 32.4% in August

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 44,400 shares, a decrease of 32.4% from the August 15th total of 65,700 shares. Based on an average daily trading volume, of 132,000 shares, the short-interest ratio is presently 0.3 days. Approximately 0.9% of the shares of the stock are sold short.

Hedge Funds Weigh In On Sonnet BioTherapeutics

An institutional investor recently bought a new position in Sonnet BioTherapeutics stock. Armistice Capital LLC bought a new position in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) during the second quarter, according to its most recent 13F filing with the SEC. 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 SEC filing. 9.45% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Sonnet BioTherapeutics Price Performance

Shares of SONN stock traded up $0.01 during mid-day trading on Friday, hitting $0.81. The company had a trading volume of 14,300 shares, compared to its average volume of 92,667. The stock’s 50 day moving average price is $0.80 and its 200-day moving average price is $1.39. Sonnet BioTherapeutics has a 52-week low of $0.62 and a 52-week high of $3.80.

Sonnet BioTherapeutics (NASDAQ:SONN) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.70) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.06. Sonnet BioTherapeutics had a negative net margin of 11,187.19% and a negative return on equity of 398.45%. On average, equities analysts anticipate that Sonnet BioTherapeutics will post -1.61 EPS for the current fiscal year.

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.