Short Interest in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Drops By 51.2%

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

Analyst Upgrades and Downgrades

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

Sonnet BioTherapeutics Price Performance

Shares of NASDAQ SONN traded up $0.01 during trading on Monday, hitting $1.16. The company had a trading volume of 33,140 shares, compared to its average volume of 385,020. Sonnet BioTherapeutics has a 52 week low of $1.08 and a 52 week high of $13.65. The business’s 50-day moving average is $1.26 and its 200 day moving average is $1.47.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Two Sigma Investments LP purchased a new position in Sonnet BioTherapeutics during the 4th quarter worth approximately $28,000. Virtu Financial LLC acquired a new stake in shares of Sonnet BioTherapeutics in the fourth quarter worth $58,000. Finally, MMCAP International Inc. SPC acquired a new stake in shares of Sonnet BioTherapeutics in the first quarter worth $179,000. 9.45% of the stock is currently owned by institutional investors and hedge funds.

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.