Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Sees Large Increase in Short Interest

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) saw a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 218,100 shares, an increase of 443.9% from the November 30th total of 40,100 shares. Currently, 7.6% of the shares of the company are short sold. Based on an average daily trading volume, of 1,290,000 shares, the days-to-cover ratio is currently 0.2 days.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Sonnet BioTherapeutics stock. Armistice Capital LLC purchased a new stake in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 272,000 shares of the company’s stock, valued at approximately $255,000. Armistice Capital LLC owned approximately 8.74% of Sonnet BioTherapeutics as of its most recent SEC filing. Hedge funds and other institutional investors own 9.45% of the company’s stock.

Sonnet BioTherapeutics Stock Performance

Shares of SONN stock traded up $0.02 during trading hours on Friday, reaching $1.51. 156,964 shares of the company’s stock were exchanged, compared to its average volume of 345,685. The company’s 50 day moving average is $3.04 and its two-hundred day moving average is $2.11. Sonnet BioTherapeutics has a 1 year low of $1.41 and a 1 year high of $18.72.

Wall Street Analysts Forecast Growth

Separately, Chardan Capital lowered their target price on shares of Sonnet BioTherapeutics from $30.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, December 20th.

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.