Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Short Interest Down 32.4% in August

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the recipient of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 44,400 shares, a decrease of 32.4% from the August 15th total of 65,700 shares. Approximately 0.9% of the company’s stock are sold short. Based on an average trading volume of 132,000 shares, the short-interest ratio is currently 0.3 days.

Wall Street Analysts Forecast Growth

Separately, Chardan Capital restated a “buy” rating and set a $30.00 price objective on shares of Sonnet BioTherapeutics in a research note on Friday, August 23rd.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Sonnet BioTherapeutics stock. Armistice Capital LLC bought a new position in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 272,000 shares of the company’s stock, valued at approximately $255,000. Armistice Capital LLC owned approximately 8.74% of Sonnet BioTherapeutics at the end of the most recent quarter. 9.45% of the stock is owned by institutional investors and hedge funds.

Sonnet BioTherapeutics Stock Performance

SONN traded up $0.01 during trading on Friday, hitting $0.81. 14,300 shares of the company’s stock traded hands, compared to its average volume of 92,667. The company’s 50 day simple moving average is $0.80 and its two-hundred day simple moving average is $1.39. Sonnet BioTherapeutics has a 12-month low of $0.62 and a 12-month high of $3.80.

Sonnet BioTherapeutics (NASDAQ:SONN) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.70) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.06. Sonnet BioTherapeutics had a negative net margin of 11,187.19% and a negative return on equity of 398.45%. Research analysts anticipate that Sonnet BioTherapeutics will post -1.61 earnings per share for the current fiscal year.

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.