Short Interest in Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Declines By 18.9%

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) saw a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 452,200 shares, a drop of 18.9% from the March 15th total of 557,500 shares. Based on an average daily trading volume, of 101,000 shares, the days-to-cover ratio is presently 4.5 days. Approximately 16.3% of the company’s stock are short sold.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC raised its stake in shares of Sonnet BioTherapeutics by 438.1% in the first 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 position in shares of Sonnet BioTherapeutics in the first quarter worth about $634,000. Sabby Management LLC purchased a new position in shares of Sonnet BioTherapeutics in the first quarter worth about $438,000. CVI Holdings LLC purchased a new position in shares of Sonnet BioTherapeutics in the first quarter worth about $253,000. Finally, Geode Capital Management LLC raised its stake in shares of Sonnet BioTherapeutics by 485.8% in the second quarter. Geode Capital Management LLC now owns 169,392 shares of the company’s stock worth $83,000 after purchasing an additional 140,476 shares during the last quarter. 9.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Sonnet BioTherapeutics Trading Down 1.0 %

Sonnet BioTherapeutics stock opened at $2.00 on Monday. The stock has a 50-day moving average of $1.84 and a two-hundred day moving average of $1.72. Sonnet BioTherapeutics has a one year low of $1.08 and a one year high of $26.40.

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

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.