Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) was the target of a large drop in short interest in December. As of December 31st, there was short interest totalling 344,500 shares, a drop of 58.7% from the December 15th total of 834,300 shares. Based on an average daily volume of 1,910,000 shares, the days-to-cover ratio is presently 0.2 days.
SONN has been the subject of a number of research analyst reports. Chardan Capital cut their price target on shares of Sonnet BioTherapeutics from $8.00 to $2.50 and set a “buy” rating for the company in a report on Monday, December 20th. HC Wainwright initiated coverage on shares of Sonnet BioTherapeutics in a research note on Thursday, December 16th. They issued a “buy” rating and a $2.00 price objective on the stock.
Institutional investors have recently added to or reduced their stakes in the business. State Street Corp acquired a new stake in shares of Sonnet BioTherapeutics during the 2nd quarter worth about $99,000. Geode Capital Management LLC boosted its stake in shares of Sonnet BioTherapeutics by 3,064.7% during the 3rd quarter. Geode Capital Management LLC now owns 496,757 shares of the company’s stock worth $301,000 after purchasing an additional 481,060 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Sonnet BioTherapeutics by 416.0% during the 2nd quarter. Vanguard Group Inc. now owns 701,634 shares of the company’s stock worth $1,109,000 after purchasing an additional 565,671 shares during the last quarter. 4.63% of the stock is currently owned by institutional investors.
Sonnet BioTherapeutics Company Profile
Sonnet BioTherapeutics Holdings, Inc, an oncology-focused biotechnology company, develops platform for biologic medicines of single or bispecific action. The company develops fully human albumin binding (FHAB) technology, which utilizes human single chain antibodies fragment that binds to and hitch-hikes on human serum albumin for transport to target tissues.
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