Chardan Capital Lowers Sonnet BioTherapeutics (NASDAQ:SONN) Price Target to $20.00

Sonnet BioTherapeutics (NASDAQ:SONN) had its price target dropped by Chardan Capital from $30.00 to $20.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Sonnet BioTherapeutics Stock Performance

Shares of NASDAQ:SONN opened at $1.59 on Friday. The firm’s 50 day moving average is $3.49 and its two-hundred day moving average is $2.12. Sonnet BioTherapeutics has a 52 week low of $1.57 and a 52 week high of $18.72.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Sonnet BioTherapeutics stock. Armistice Capital LLC bought a new stake in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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 as of its most recent SEC filing. Institutional investors own 9.45% of the company’s stock.

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.