Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Short Interest Down 46.1% in May

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN – Get Rating) saw a significant decrease in short interest during the month of May. As of May 15th, there was short interest totalling 496,400 shares, a decrease of 46.1% from the April 30th total of 921,700 shares. Based on an average daily volume of 1,470,000 shares, the days-to-cover ratio is currently 0.3 days. Approximately 2.8% of the shares of the company are sold short.

Sonnet BioTherapeutics Stock Up 38.4 %

NASDAQ SONN opened at $0.40 on Friday. The business has a 50 day simple moving average of $0.33 and a 200 day simple moving average of $0.80. Sonnet BioTherapeutics has a one year low of $0.21 and a one year high of $4.56.

Insider Activity

In other news, CEO Pankaj Mohan bought 371,600 shares of the firm’s stock in a transaction dated Monday, May 15th. The shares were bought at an average price of $0.22 per share, with a total value of $81,752.00. Following the completion of the transaction, the chief executive officer now owns 553,331 shares of the company’s stock, valued at $121,732.82. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sonnet BioTherapeutics

Several large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC raised its position in Sonnet BioTherapeutics by 438.1% in the 1st quarter. Renaissance Technologies LLC now owns 1,801,200 shares of the company’s stock valued at $677,000 after buying an additional 1,466,470 shares during the last quarter. Anson Funds Management LP bought a new stake in Sonnet BioTherapeutics in the 1st quarter worth about $634,000. Sabby Management LLC purchased a new stake in Sonnet BioTherapeutics in the 1st quarter valued at about $438,000. CVI Holdings LLC purchased a new position in shares of Sonnet BioTherapeutics in the 1st quarter worth approximately $253,000. Finally, Boothbay Fund Management LLC bought a new position in shares of Sonnet BioTherapeutics in the first quarter valued at approximately $49,000. Institutional investors and hedge funds own 3.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SONN. EF Hutton Acquisition Co. I reaffirmed a “buy” rating and issued a $6.70 price objective on shares of Sonnet BioTherapeutics in a research note on Wednesday, April 19th. Chardan Capital decreased their price target on Sonnet BioTherapeutics from $17.00 to $14.00 in a research note on Wednesday, May 10th.

About Sonnet BioTherapeutics

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Sonnet BioTherapeutics Holdings, Inc, a clinical stage oncology-focused biotechnology company, develops platform for biologic medicines of single or bispecific 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.