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

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the recipient of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 33,600 shares, a drop of 94.1% from the August 15th total of 570,500 shares. Based on an average trading volume of 130,400 shares, the days-to-cover ratio is presently 0.3 days. Approximately 2.3% of the shares of the company are short sold.

Sonnet BioTherapeutics Stock Down 4.8 %

NASDAQ:SONN opened at $3.75 on Thursday. Sonnet BioTherapeutics has a 52 week low of $3.53 and a 52 week high of $92.40. The firm’s 50-day simple moving average is $9.25 and its 200 day simple moving average is $9.93.

Sonnet BioTherapeutics (NASDAQ:SONN) last released its quarterly earnings results on Monday, August 14th. The company reported ($2.86) EPS for the quarter. Sonnet BioTherapeutics had a negative return on equity of 3,333.24% and a negative net margin of 13,072.74%. The business had revenue of $0.04 million for the quarter. Research analysts expect that Sonnet BioTherapeutics will post -31 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Chardan Capital dropped their price objective on shares of Sonnet BioTherapeutics from $308.00 to $264.00 and set a “buy” rating on the stock in a research report on Wednesday, August 16th.

Hedge Funds Weigh In On Sonnet BioTherapeutics

A number of hedge funds have recently bought and sold shares of SONN. Renaissance Technologies LLC increased its holdings in Sonnet BioTherapeutics by 438.1% in the 1st quarter. Renaissance Technologies LLC now owns 1,801,200 shares of the company’s stock valued at $677,000 after buying an additional 1,466,470 shares during the period. State Street Corp increased its holdings in Sonnet BioTherapeutics by 96.8% in the 2nd quarter. State Street Corp now owns 130,288 shares of the company’s stock valued at $36,000 after buying an additional 64,100 shares during the period. Boothbay Fund Management LLC bought a new position in Sonnet BioTherapeutics in the 1st quarter valued at about $49,000. Anson Funds Management LP bought a new position in Sonnet BioTherapeutics in the 1st quarter valued at about $634,000. Finally, Sabby Management LLC bought a new position in Sonnet BioTherapeutics in the 1st quarter valued at about $438,000. 36.77% of the stock is owned by institutional investors.

Sonnet BioTherapeutics Company Profile

Sonnet BioTherapeutics Holdings, Inc, a clinical stage oncology-focused biotechnology company, develops platform for biologic medicines of single or bispecific 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.