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Tuesday, October 3, 2023

Sonnet BioTherapeutics Holdings Inc. (NASDAQ:SONN) Recent Earnings Shows Major Promise

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Sonnet BioTherapeutics Holdings Inc. (SONN) shares are trading at higher $2.98 and the avg recommendation for the stock is Moderate Buy.

To add more color to this target, the company’s high over the last year is $54.60 and the low is $2.23. Over the last 52 weeks, SONN is down -81.12% while the S&P 500 is up 17.22%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. SONN has a short ratio of 1.88 and outstanding shares of 13.57M.

Company Outlook

SONN has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 1.07 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -34.55. Sonnet BioTherapeutics Holdings Inc. SONN also noted assets of $3.88 million at the end of the last quarter. Investors should also keep an eye on sector updates as SONN has historically followed its peers on positive news.

All told, Sonnet BioTherapeutics Holdings Inc. SONN has strung together solid data and demonstrated underlying fundamentals. At its current valuation, SONN represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Sonnet BioTherapeutics Holdings Inc. SONN is now commanding a market cap of 40.44M and a float of 12.95M. SONN is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of SONN stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in SONN, either long or short, and we have not been compensated for this article.

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