Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Short Interest Down 44.5% in March

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) saw a significant drop in short interest during the month of March. As of March 15th, there was short interest totalling 51,500 shares, a drop of 44.5% from the February 28th total of 92,800 shares. Based on an average trading volume of 156,400 shares, the days-to-cover ratio is currently 0.3 days. Currently, 1.7% of the shares of the company are sold short.

Analysts Set New Price Targets

Separately, Chardan Capital reissued a “buy” rating and issued a $20.00 price target on shares of Sonnet BioTherapeutics in a report on Friday.

Sonnet BioTherapeutics Stock Down 2.4 %

Shares of NASDAQ SONN traded down $0.03 during trading on Friday, reaching $1.28. 2,963 shares of the stock traded hands, compared to its average volume of 375,272. The company has a 50-day moving average of $1.53 and a 200-day moving average of $2.38. Sonnet BioTherapeutics has a 52-week low of $1.25 and a 52-week high of $16.80.

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

Institutional Investors Weigh In On Sonnet BioTherapeutics

An institutional investor recently bought a new position in Sonnet BioTherapeutics stock. Two Sigma Investments LP acquired a new position in shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 19,203 shares of the company’s stock, valued at approximately $28,000. Two Sigma Investments LP owned approximately 0.63% of Sonnet BioTherapeutics as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other 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.