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

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the target of a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 218,100 shares, a growth of 443.9% from the November 30th total of 40,100 shares. Based on an average daily volume of 1,290,000 shares, the days-to-cover ratio is currently 0.2 days. Currently, 7.6% of the shares of the stock are short sold.

Institutional Investors 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 shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 filing with the Securities and Exchange Commission (SEC). 9.45% of the stock is currently owned by institutional investors and hedge funds.

Sonnet BioTherapeutics Trading Up 1.3 %

Sonnet BioTherapeutics stock traded up $0.02 during midday trading on Friday, reaching $1.51. 156,964 shares of the company were exchanged, compared to its average volume of 345,685. The firm’s 50-day simple moving average is $3.04 and its 200-day simple moving average is $2.11. Sonnet BioTherapeutics has a 1 year low of $1.41 and a 1 year high of $18.72.

Wall Street Analysts Forecast Growth

Separately, Chardan Capital dropped their price target on Sonnet BioTherapeutics from $30.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, December 20th.

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.