Sonnet BioTherapeutics (NASDAQ:SONN) Posts Earnings Results

Sonnet BioTherapeutics (NASDAQ:SONN) posted its earnings results on Tuesday. The company reported ($0.55) earnings per share (EPS) for the quarter, FiscalAI reports.

Sonnet BioTherapeutics Price Performance

NASDAQ:SONN traded down $2.09 during mid-day trading on Tuesday, reaching $1.02. The stock had a trading volume of 10,084,314 shares, compared to its average volume of 771,503. The business’s 50 day moving average is $3.80 and its 200 day moving average is $3.73. The stock has a market cap of $7.18 million, a P/E ratio of -0.13 and a beta of 1.48. Sonnet BioTherapeutics has a fifty-two week low of $1.08 and a fifty-two week high of $19.30.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Sonnet BioTherapeutics in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $20.00.

Institutional Investors Weigh In On Sonnet BioTherapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Pantera Capital Partners LP purchased a new stake in shares of Sonnet BioTherapeutics in the 3rd quarter worth about $93,559,000. Heights Capital Management Inc. purchased a new position in shares of Sonnet BioTherapeutics during the 3rd quarter worth about $13,740,000. Boothbay Fund Management LLC bought a new position in Sonnet BioTherapeutics during the 3rd quarter worth about $258,000. BIT Capital GmbH bought a new stake in shares of Sonnet BioTherapeutics in the 3rd quarter valued at about $221,000. Finally, Citadel Advisors LLC purchased a new stake in Sonnet BioTherapeutics in the third quarter valued at approximately $211,000. 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.