SONN Stock: Key Takeaways
- Sonnet BioTherapeutics becomes the latest short squeeze target for day traders.
- More than 14% of the public float is shorted, worth more than $3.4 million.
- Sonnet announced progress on its cancer therapeutics earlier this week.
Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN) more than doubled today as retail traders execute their latest short squeeze.
SONN stock surged as much as 171% in early trade with shares up more than 130% at writing.
Trading halted at least once early in the session as shares surged.
There doesn’t appear to be any company-specific news prompting the rally, but the stock’s getting a lot of retail trader attention on social media platforms.
Squeezing Shorts
A search of the ticker $SONN on StockTwits shows discussion swirling about this being a short squeeze. A similar message is circulating on Twitter.
The latest data shows SONN stock has a short interest of over 3.24 million shares, which equates to more than $3.4 million.
The squeeze comes after the company reported fiscal third-quarter results and provided a business update earlier this week.
Sonnet is a biotech company focused on developing cancer therapeutics.
The company said it entered into a license agreement with New Life Therapeutics in May 2021 to develop and commercialize its SON-080 therapy “for the prevention, treatment, or palliation of diabetic peripheral neuropathy in certain territories in Asia.”
Sonnet said that therapy and its lung cancer therapy SON-1010 are both on track for investigational new drug applications with the FDA by the end of the year.
The U.S. Patent and Trademark Office issued a patent in June 2021, which covers its Fully Human Albumin Binding technology.
“That patent also includes therapeutic fusion proteins that utilize FHAB for tumor targeting and retention, thereby providing extended pharmacokinetics.”
Six Picks About SONN Stock
- Sonnet BioTherapeutics was founded in 2015 and is headquartered in Charlotte, NC.
- The company is focused on developing cancer therapies.
- There are currently five treatments in Sonnet’s development pipeline.
- SONN stock closed at $0.7451 per share on Wednesday.
- The stock opened at $1.60 per share today and hit a daily high of $2.07 per share.
- More than 14% of SONN stock’s public float is shorted.
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