Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Short Interest Down 21.1% in May

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the target of a significant decrease in short interest in the month of May. As of May 15th, there was short interest totalling 98,100 shares, a decrease of 21.1% from the April 30th total of 124,300 shares. Based on an average trading volume of 43,100 shares, the short-interest ratio is presently 2.3 days. Currently, 3.1% of the shares of the stock are sold short.

Hedge Funds Weigh In On Sonnet BioTherapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SONN. Virtu Financial LLC acquired a new position in shares of Sonnet BioTherapeutics during the 4th quarter worth about $58,000. Two Sigma Investments LP acquired a new position in shares of Sonnet BioTherapeutics during the fourth quarter valued at approximately $28,000. Finally, MMCAP International Inc. SPC purchased a new position in shares of Sonnet BioTherapeutics in the first quarter valued at approximately $179,000. 9.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Chardan Capital restated a “buy” rating and set a $20.00 target price on shares of Sonnet BioTherapeutics in a research report on Monday, April 7th.

Sonnet BioTherapeutics Price Performance

Shares of SONN opened at $1.17 on Tuesday. Sonnet BioTherapeutics has a 12 month low of $1.08 and a 12 month high of $16.00. The stock’s 50 day moving average is $1.28 and its two-hundred day moving average is $1.58.

Sonnet BioTherapeutics (NASDAQ:SONN) last announced its earnings results on Tuesday, May 13th. The company reported ($0.89) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.03.

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.