Sonnet BioTherapeutics (NASDAQ:SONN) Trading Down 8.3% – Should You Sell?

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN)’s stock price traded down 8.3% during mid-day trading on Monday . The company traded as low as $4.85 and last traded at $4.89. 665,279 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 1,580,526 shares. The stock had previously closed at $5.33.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Sonnet BioTherapeutics to a “hold” rating in a research report on Saturday, August 16th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $20.00.

Sonnet BioTherapeutics Stock Down 8.3%

The firm’s 50 day simple moving average is $4.04 and its 200 day simple moving average is $2.70.

Sonnet BioTherapeutics (NASDAQ:SONN) last announced its earnings results on Wednesday, August 13th. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.46).

Hedge Funds Weigh In On Sonnet BioTherapeutics

A hedge fund recently bought a new stake in Sonnet BioTherapeutics stock. Two Sigma Investments LP acquired a new position in shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 19,203 shares of the company’s stock, valued at approximately $28,000. Two Sigma Investments LP owned 0.63% of Sonnet BioTherapeutics at the end of the most recent quarter. 9.45% of the stock is currently owned by institutional investors and hedge funds.

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.