Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN)’s stock price dropped 8.5% on Tuesday . The stock traded as low as $2.40 and last traded at $2.58. Approximately 2,072,943 shares were traded during trading, an increase of 76% from the average daily volume of 1,180,087 shares. The stock had previously closed at $2.82.
The firm has a 50-day moving average price of $2.75 and a 200-day moving average price of $2.64. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.62 and a current ratio of 1.62.
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Sonnet BioTherapeutics by 2.5% during the 4th quarter. BlackRock Inc. now owns 246,555 shares of the company’s stock valued at $550,000 after purchasing an additional 5,906 shares during the last quarter. Advisory Services Network LLC increased its position in shares of Sonnet BioTherapeutics by 32.3% during the 4th quarter. Advisory Services Network LLC now owns 24,581 shares of the company’s stock valued at $55,000 after purchasing an additional 6,000 shares during the last quarter. IHT Wealth Management LLC purchased a new stake in shares of Sonnet BioTherapeutics during the 3rd quarter valued at $26,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in shares of Sonnet BioTherapeutics during the 3rd quarter valued at $31,000. 2.35% of the stock is owned by hedge funds and other institutional investors.
Sonnet BioTherapeutics Holdings, Inc, an oncology-focused biotechnology company, develops platform for biologic medicines of single or bispecific action. The company develops fully human albumin binding (FHAB) technology, which utilizes human single chain antibodies fragment that binds to and hitch-hikes on human serum albumin for transport to target tissues.
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