Sonnet BioTherapeutics (NASDAQ:SONN) Shares Up 3.2% – Should You Buy?

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN)’s share price rose 3.2% during mid-day trading on Friday . The company traded as high as $4.58 and last traded at $4.55. Approximately 634,382 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 1,420,360 shares. The stock had previously closed at $4.41.

Wall Street Analysts Forecast Growth

Several research firms have commented on SONN. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sonnet BioTherapeutics in a report on Wednesday, October 8th. Wall Street Zen raised shares of Sonnet BioTherapeutics to a “hold” rating in a research report on Saturday, August 16th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $20.00.

Sonnet BioTherapeutics Stock Up 3.2%

The stock has a market capitalization of $32.20 million, a P/E ratio of -0.57 and a beta of 1.40. The company has a 50-day moving average price of $4.96 and a two-hundred day moving average price of $3.59.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SONN. Pantera Capital Partners LP bought a new position in shares of Sonnet BioTherapeutics in the third quarter worth $93,559,000. Heights Capital Management Inc. bought a new position in Sonnet BioTherapeutics in the 3rd quarter worth about $13,740,000. MMCAP International Inc. SPC bought a new position in Sonnet BioTherapeutics in the 1st quarter worth about $179,000. Boothbay Fund Management LLC purchased a new stake in shares of Sonnet BioTherapeutics in the 3rd quarter valued at about $258,000. Finally, BIT Capital GmbH purchased a new stake in shares of Sonnet BioTherapeutics in the 3rd quarter valued at about $221,000. 9.45% of the stock is currently owned by hedge funds and other institutional investors.

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.