Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Short Interest Update

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 557,500 shares, an increase of 119.4% from the February 29th total of 254,100 shares. Based on an average daily volume of 109,000 shares, the short-interest ratio is presently 5.1 days. Currently, 20.1% of the company’s stock are sold short.

Analyst Ratings Changes

Separately, Chardan Capital dropped their price target on Sonnet BioTherapeutics from $75.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 15th.

Sonnet BioTherapeutics Stock Down 6.4 %

Sonnet BioTherapeutics stock traded down $0.13 during midday trading on Thursday, hitting $1.90. 53,924 shares of the company were exchanged, compared to its average volume of 108,005. Sonnet BioTherapeutics has a fifty-two week low of $1.08 and a fifty-two week high of $26.40. The business has a fifty day simple moving average of $1.71 and a two-hundred day simple moving average of $1.86.

Sonnet BioTherapeutics (NASDAQ:SONN) last issued its quarterly earnings data on Wednesday, February 14th. The company reported ($0.31) EPS for the quarter. The business had revenue of $0.02 million during the quarter. Sonnet BioTherapeutics had a negative net margin of 11,187.19% and a negative return on equity of 519.54%. As a group, sell-side analysts anticipate that Sonnet BioTherapeutics will post -2.27 earnings per share for the current year.

Hedge Funds Weigh In On Sonnet BioTherapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in SONN. Renaissance Technologies LLC boosted its holdings in shares of Sonnet BioTherapeutics by 438.1% during the 1st quarter. Renaissance Technologies LLC now owns 1,801,200 shares of the company’s stock worth $677,000 after purchasing an additional 1,466,470 shares during the last quarter. Anson Funds Management LP purchased a new stake in Sonnet BioTherapeutics during the 1st quarter worth about $634,000. Sabby Management LLC acquired a new stake in shares of Sonnet BioTherapeutics in the 1st quarter valued at $438,000. CVI Holdings LLC purchased a new position in Sonnet BioTherapeutics in the first quarter valued at approximately $253,000. Finally, Geode Capital Management LLC grew its stake in Sonnet BioTherapeutics by 485.8% during the 2nd quarter. Geode Capital Management LLC now owns 169,392 shares of the company’s stock worth $83,000 after buying an additional 140,476 shares during the last quarter. Hedge funds and other 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.