Short Interest in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Grows By 121.0%

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 113,800 shares, an increase of 121.0% from the March 15th total of 51,500 shares. Currently, 3.8% of the company’s stock are short sold. Based on an average daily volume of 128,400 shares, the days-to-cover ratio is presently 0.9 days.

Analysts Set New Price Targets

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

Sonnet BioTherapeutics Stock Up 2.4 %

Shares of NASDAQ SONN opened at $1.26 on Friday. Sonnet BioTherapeutics has a fifty-two week low of $1.10 and a fifty-two week high of $16.00. The company has a 50 day simple moving average of $1.39 and a two-hundred day simple moving average of $2.38.

Sonnet BioTherapeutics (NASDAQ:SONN) last announced its earnings results on Thursday, February 13th. The company reported ($1.56) earnings per share (EPS) for the quarter, beating the consensus estimate of ($11.12) by $9.56. The business had revenue of $1,000 billion for the quarter.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Sonnet BioTherapeutics stock. Two Sigma Investments LP purchased a new position in shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 19,203 shares of the company’s stock, valued at approximately $28,000. Two Sigma Investments LP owned about 0.63% of Sonnet BioTherapeutics as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 9.45% of the company’s stock.

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.