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

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the target of a large decline in short interest in the month of May. As of May 31st, there was short interest totalling 47,900 shares, a decline of 51.2% from the May 15th total of 98,100 shares. Approximately 1.5% of the shares of the company are short sold. Based on an average daily volume of 40,700 shares, the days-to-cover ratio is presently 1.2 days.

Sonnet BioTherapeutics Trading Up 0.9%

Sonnet BioTherapeutics stock traded up $0.01 during midday trading on Monday, reaching $1.16. 33,140 shares of the stock traded hands, compared to its average volume of 385,020. The firm has a fifty day moving average price of $1.26 and a two-hundred day moving average price of $1.47. Sonnet BioTherapeutics has a fifty-two week low of $1.08 and a fifty-two week high of $13.65.

Sonnet BioTherapeutics (NASDAQ:SONN) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.89) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.92) by $0.03.

Hedge Funds Weigh In On Sonnet BioTherapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Two Sigma Investments LP acquired a new stake in shares of Sonnet BioTherapeutics in the 4th quarter worth approximately $28,000. Virtu Financial LLC acquired a new stake in Sonnet BioTherapeutics in the fourth quarter worth approximately $58,000. Finally, MMCAP International Inc. SPC bought a new position in Sonnet BioTherapeutics during the 1st quarter valued at $179,000. Institutional investors own 9.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Chardan Capital reiterated a “buy” rating and issued a $20.00 target price on shares of Sonnet BioTherapeutics in a research note on Monday, April 7th.

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.