Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Short Interest Down 46.8% in November

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the target of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 35,200 shares, a decrease of 46.8% from the October 31st total of 66,200 shares. Approximately 4.4% of the shares of the company are short sold. Based on an average daily volume of 441,700 shares, the short-interest ratio is currently 0.1 days.

Institutional Investors Weigh In On Sonnet BioTherapeutics

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) during the second quarter, according to its most recent 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 about 8.74% of Sonnet BioTherapeutics as of its most recent SEC filing. 9.45% of the stock is currently owned by hedge funds and other institutional investors.

Sonnet BioTherapeutics Stock Performance

Sonnet BioTherapeutics stock traded down $0.06 during midday trading on Friday, reaching $2.57. 30,658 shares of the stock were exchanged, compared to its average volume of 133,315. The company’s fifty day moving average is $3.99 and its 200-day moving average is $2.09. Sonnet BioTherapeutics has a 52 week low of $2.50 and a 52 week high of $18.72.

Analyst Upgrades and Downgrades

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

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.