Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) Short Interest Down 46.1% in May

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN – Get Rating) was the recipient of a large decline in short interest in May. As of May 15th, there was short interest totalling 496,400 shares, a decline of 46.1% from the April 30th total of 921,700 shares. Approximately 2.8% of the company’s stock are short sold. Based on an average trading volume of 1,470,000 shares, the short-interest ratio is currently 0.3 days.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SONN shares. Chardan Capital reduced their price objective on Sonnet BioTherapeutics from $17.00 to $14.00 in a research note on Wednesday, May 10th. EF Hutton Acquisition Co. I restated a “buy” rating and set a $6.70 price target on shares of Sonnet BioTherapeutics in a research report on Wednesday, April 19th.

Insider Buying and Selling

In related news, CEO Pankaj Mohan acquired 371,600 shares of Sonnet BioTherapeutics stock in a transaction on Monday, May 15th. The shares were purchased at an average cost of $0.22 per share, for a total transaction of $81,752.00. Following the purchase, the chief executive officer now directly owns 553,331 shares of the company’s stock, valued at approximately $121,732.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sonnet BioTherapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Virtu Financial LLC purchased a new position in Sonnet BioTherapeutics in the 3rd quarter worth about $40,000. State Street Corp raised its holdings in shares of Sonnet BioTherapeutics by 96.8% during the second quarter. State Street Corp now owns 130,288 shares of the company’s stock worth $36,000 after acquiring an additional 64,100 shares in the last quarter. Boothbay Fund Management LLC acquired a new stake in shares of Sonnet BioTherapeutics during the 1st quarter valued at about $49,000. CVI Holdings LLC bought a new stake in Sonnet BioTherapeutics in the first quarter worth approximately $253,000. Finally, Sabby Management LLC acquired a new stake in shares of Sonnet BioTherapeutics in the first quarter worth about $438,000. Institutional investors and hedge funds own 3.51% of the company’s stock.

Sonnet BioTherapeutics Stock Up 38.4 %

NASDAQ:SONN opened at $0.40 on Friday. Sonnet BioTherapeutics has a 52-week low of $0.21 and a 52-week high of $4.56. The business’s 50-day moving average price is $0.33 and its 200 day moving average price is $0.80.

Sonnet BioTherapeutics Company Profile

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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.