Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Sees Large Increase in Short Interest

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the target of a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 218,100 shares, an increase of 443.9% from the November 30th total of 40,100 shares. Currently, 7.6% of the shares of the stock are sold short. Based on an average trading volume of 1,290,000 shares, the short-interest ratio is currently 0.2 days.

Sonnet BioTherapeutics Price Performance

Shares of NASDAQ:SONN traded up $0.03 on Thursday, hitting $1.45. The company had a trading volume of 114,245 shares, compared to its average volume of 345,762. The stock has a 50 day moving average price of $3.22 and a 200 day moving average price of $2.11. Sonnet BioTherapeutics has a 1-year low of $1.41 and a 1-year 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 Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) during the second quarter, according to its most recent filing with the SEC. The firm 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. 9.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

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.