Short Interest in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Drops By 71.3%

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) saw a large decline in short interest in December. As of December 31st, there was short interest totalling 62,500 shares, a decline of 71.3% from the December 15th total of 218,100 shares. Based on an average trading volume of 1,340,000 shares, the days-to-cover ratio is currently 0.0 days. Currently, 2.2% of the company’s stock are short sold.

Analyst Ratings Changes

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

Sonnet BioTherapeutics Price Performance

SONN stock traded down $0.07 during trading on Tuesday, hitting $1.51. The company had a trading volume of 54,145 shares, compared to its average volume of 396,071. The company has a fifty day moving average price of $2.24 and a two-hundred day moving average price of $2.14. Sonnet BioTherapeutics has a fifty-two week low of $1.41 and a fifty-two week high of $18.72.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Sonnet BioTherapeutics stock. Armistice Capital LLC bought a new position in shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) in the second quarter, according to its most recent Form 13F 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 filing with the Securities and Exchange Commission. 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.