Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Sees Large Increase in Short Interest

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) saw a significant growth in short interest in 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 trading volume of 1,290,000 shares, the short-interest ratio is presently 0.2 days. Approximately 7.6% of the company’s shares are short sold.

Hedge Funds Weigh In On Sonnet BioTherapeutics

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

Sonnet BioTherapeutics Stock Up 1.3 %

SONN traded up $0.02 during trading hours on Friday, hitting $1.51. The company’s stock had a trading volume of 156,964 shares, compared to its average volume of 345,685. Sonnet BioTherapeutics has a fifty-two week low of $1.41 and a fifty-two week high of $18.72. The company has a 50-day simple moving average of $3.13 and a 200 day simple moving average of $2.11.

Analysts Set New Price Targets

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

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.