Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Short Interest Up 218.3% in October

by · The Markets Daily

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN – Get Free Report) saw a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 66,200 shares, a growth of 218.3% from the October 15th total of 20,800 shares. Based on an average daily trading volume, of 428,300 shares, the days-to-cover ratio is presently 0.2 days. Approximately 3.9% of the shares of the company are short sold.

Institutional Investors Weigh In On Sonnet BioTherapeutics

A hedge fund recently bought a new stake in Sonnet BioTherapeutics stock. Armistice Capital LLC purchased a new position in shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 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. Institutional investors and hedge funds own 9.45% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Chardan Capital reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Sonnet BioTherapeutics in a report on Friday, August 23rd.

Read Our Latest Research Report on Sonnet BioTherapeutics

Sonnet BioTherapeutics Stock Down 4.8 %

Sonnet BioTherapeutics stock traded down $0.16 during midday trading on Tuesday, hitting $3.14. 41,110 shares of the company were exchanged, compared to its average volume of 133,388. Sonnet BioTherapeutics has a fifty-two week low of $3.03 and a fifty-two week high of $18.72. The business has a fifty day simple moving average of $3.44 and a two-hundred day simple moving average of $1.99.

Sonnet BioTherapeutics (NASDAQ:SONN – Get Free Report) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.70) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.06. As a group, sell-side analysts anticipate that Sonnet BioTherapeutics will post -12.88 earnings per share for the current year.

Sonnet BioTherapeutics Company Profile

(Get Free Report)

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.

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