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Tag: SONN

  • Sonnet Bio Therapeutics Holdings Inc. (SONN) Bullish Throughout the Day Following SEC Filling

    Sonnet Bio Therapeutics Holdings Inc. (SONN) had a bullish day on April 12, 2022, with gains spreading over both the regular and after-hours sessions. The regular session registered gains of 20.78% while the after-hours gains were 15.88%. Thus, after closing the regular trading at $0.4220, SONN rose to $0.4890 in the after hours. Consequently, SONN share prices gained 27.96% to $0.54 in pre-market trading today.

    Seemingly, this bullishness can be attributed to the company’s latest SEC filing regarding its upcoming Annual Meeting of Stockholders but the market condition also appears to have a role.

    Source: Impactivate

    SONN’s Annual Meeting

    The company’s 2022 Annual Meeting of Stockholders is scheduled for Thursday, June 2, 2022, at 9:00 a.m. Eastern Time. As per the SEC filing, the matters up for a vote at the meeting include election of directors, a reverse stock split, amendment to Charter, compensation of names executives, and independent accounting firm selection.

    The company is planning a reverse split of its common stock in order to regain compliance with Nasdaq’s minimum bid requirement. As per the Board’s discretion, if approved, a reverse split between 2-for-1 and 20-for-1 will be effected. As the reverse split will decrease the number of the issued common shares, SONN is also making an amendment for increasing its authorized shares from 125,000,000 to 250,000,000. Thus, the reverse split and amendment will increase the number of shares available for issuance in the future.

    Additionally, the company’s additional 180-day extension for regaining compliance with Nasdaq will expire on October 3, 2022.

    What’s going on in the Market?

    Currently, the market is facing some serious instability and volatility. The Russian invasion of Ukraine, China’s audit issue with the U.S., global supply chain hurdles, the resurgence of Covid-19, a spike in interest rates amid soaring inflation, all are wreaking havoc in the market. As the market remains highly unstable, investors have been trying to snap up safer bets. In the past week, investors drove healthcare stocks up to new highs. Given the relatively safer options in healthcare stocks, even the slightest news tick investors to rally a stock up and gather some profits.

    Even last week, the S&P 500 Healthcare Index closed high while the overall S&P 500 remained in the red.

    Conclusion

    Eager for some safe betting on healthcare stocks, investors found SONN’s annual meeting filing a reason for ticking the stock up. Thus, on Tuesday, the stock rallied big in both regular and after-hours trading.

  • FDA Clearance of SON-1010: Sonnet BioTherapeutics Holdings, Inc. (SONN) Stock Moving Forward in Premarket.

    FDA Clearance of SON-1010: Sonnet BioTherapeutics Holdings, Inc. (SONN) Stock Moving Forward in Premarket.

    Sonnet BioTherapeutics Holdings, Inc. (SONN) is engaged in the development of novel drugs for cancer therapeutics. Its Fully Human Albumin Binding technology utilizes a human single-chain antibody fragment that attributes to human serum albumin for its conveyance to target cells.

    SONN stock price in the regular trading session of March 15, 2022, is down by 1.15% to be $0.27. Its price rocketed at the time of writing in the premarket session on March 16, 2022, by 106.6%.

    SONN: Events and Happenings

    On March 16, 2022, SONN updated on the clearance of its Investigational New Drug application by FDA for SON-1010, an exclusive Interleukin 12 version. This breakthrough will permit the company to commence its Phase 1 (first-in-human) studies in cancer patients in Q2 2022. On February 9, 2022, SONN informed the press regarding the presentation of the data at the 2022 Annual Meeting of the American Association for Cancer Research. The core topics discussed in the presentation include the developments regarding its pipeline candidates SON-1010, SON-1210, and SON-1410.

    SONN: Key Financials

    On February 8, 2022, SONN reported its first-quarter 2022 unaudited financial results for the quarter ended December 31, 2021. Some notable features are discussed here.

    Revenue

    Collaboration revenue in Q1 2022 was $0.12 million compared to nil revenue in the comparable period in 2021. The company’s revenue reported a 100% increase over the year. The company posted a revenue surprise in the quarter by $0.12 million

    EPS

    Net loss per basic and diluted share in Q1 2022 was $6.2 million or $0.10 in comparison to $5.87 million or $0.34 in the comparable quarter of 2021. The company showed a declining trajectory in its earnings over the year. The company’s EPS surpassed the estimations by $0.13.

    Conclusion

    The stock position of SONN in the year-to-date period has declined by 37% as a result of the COVID-19 restrictions imposed on the businesses. Its stock is skyrocketing in the current premarket trading as the company reported the receipt of clearance of its IND application by the FDA. This is a groundbreaking moment for the company as the potential investors will place their trust in its policies.

  • Sonnet BioTherapeutics Holdings, Inc. (SONN) stock has increased to 5.75% – What’s going on?

    Sonnet BioTherapeutics Holdings, Inc. (SONN) experienced an increase of 5.75% in the aftermarket because the company announced the fiscal year 2022 first-quarter business updates. However, the last trading session closed at $0.30 with a decrease of 4.57%.

    The fiscal Year 2022 First Quarter Business Updates – What’s up?

    SONN announced the fiscal year 2022 first-quarter business and earnings update on 8th February 2022. The company announced that it had $19.4 million cash. Moreover, research and development costs came out to be $4.3 million. Not only this but the general and administrative expenses were $2.1 million. Last but not the least, in 1Q22, the company will generate additional clinical product stability data for the FDA

    Successful Completion of the Discovery Phase by SONN

    On 30th August 2021, SONN reported that after finishing comprehensive studies in a mouse melanoma model, the company has chosen a novel growth candidate. Sonnet’s second bispecific drug combines Interleukin 12 (IL-12) with the company’s Fully Human Albumin Binding (FHAB) platform in this contender. Melanoma and kidney malignancies are the target indications for SON-1410.

    The company is excited to have discovered this newest bispecific candidate, which will enter the next phase of evolution in the fourth quarter of 2021, with the goal of filing an IND in the second half of 2022. This has been possible because of the recently concluded $30 million funding. As SONN keeps building out the immuno-oncology pipeline, the Scientific Advisory Board is very excited by these new findings, as well as the chance to broaden research with IL-18 and IL-12.

    The fiscal Year 2021 Third Quarter Business and Earnings Update by SONN

    SONN reported the Fiscal Year 2021 Third Quarter Business and Earnings Update on 16th August 2021. With the patented Fully Human Albumin Binding pipeline assets and the associated product, the company has kept making many signs of progress towards the clinic all through the quarter. IND submissions for both SON-1010 and SON-080 are on track to be filed with the FDA. SONN feels hopeful that the ability to execute a medicinal payload in a more focused manner than conventional, wild-type cytokines will lead to enhanced potency.

  • Here’s why Sonnet BioTherapeutics Holdings, Inc. (SONN) Stock Leaping in Premarket

    Here’s why Sonnet BioTherapeutics Holdings, Inc. (SONN) Stock Leaping in Premarket

    Sonnet BioTherapeutics Holdings, Inc. (SONN) is focused on novel drugs for cancer therapeutics. The company’s Fully Human Albumin Binding technology uses a fully human single-chain antibody fragment that attaches to human serum albumin for its transportation to target cells.

    The price of SONN stock during the regular trading on February 3, 2022, with a 3.91% decline was $0.3. At last check in the premarket, the stock jumped by 4.07%.

    SONN: Events and Happenings

    On February 3, 2022, SONN updated about its recent SEC filing regarding the acquisition of beneficial ownership of 5% or more of a class of equity securities by passive investors and certain institutions.

    SONN: Key Financials

    On December 17, 2021, SONN released its financial and corporate results for the fiscal year ended September 1, 2021. Some of the key points are below.

    Revenue

    Collaboration revenue in the fiscal year 2021 was $0.48 million compared to nil in the same period of 2020. The company’s revenue beat the analyst’s estimates by $483.6 thousand.

    EPS

    Basic and diluted net loss per share in the FY 2021 was $24.9 million or $1.02 against $24.2 million or $6.96 in the same period in 2020. The company’s earnings figures beat the Consensus Estimate of analysts by $0.13 per share.

    SONN: CEO Comments

    Speaking at the occasion, SONN CEO Pankaj Mohan stated that FY 2021 brought many milestones for the company including the identification of a bispecific candidate, SON-1410, and many others. He further added that the current pipeline projects position the company in a direction for continued development in 2022.

    Conclusion

    SONN stock is 89% lower than the past year’s prices as the economic conditions are steady due to pandemics. The company’s Friday premarket stock escalation came after its recent SEC filing news. As the company is preparing for its earnings release, the estimated EPS for the company is -$0.11 per share.

  • Why Sonnet BioTherapeutics Holdings, Inc. (SONN) stock is rising today?

    Why Sonnet BioTherapeutics Holdings, Inc. (SONN) stock is rising today?

    Sonnet BioTherapeutics Holdings, Inc. (SONN) today announced the completion of Licensing agreement with New Life Therapeutics(NLT) after which the SONN stock price saw an uptrend of 6.75% to reach $2.53 a share as of this writing. SONN stock soared in the previous trading session and went up by 17.91% at closing. Let’s deep dive to explore more of it.

    Completion of Licensing Agreement:

    Sonnet BioTherapeutics Holdings, Inc. is a biotechnology company focused on the area of oncology for the development of the platform for biologic medicines for single as well as multipurpose actions. The execution of a definitive agreement of SONN stock with NLT is for of license of low-dose Interleukin 6 for the treatment of Diabetic Peripheral Neuropathy. The ASEAN countries included under the licensed territories are Singapore, Indonesia, Malaysia, Thailand, The Philippines, Cambodia, Vietnam, Myanmar, Brunei, and Lao PDR.

    According to the definitive agreement, SONN stock is eligible to receive payment of $1.0 Million from NLT which also including the $500,000 paid during 2020. Furthermore , Sonnet stock also has the right to receive the $20.0 Million aggregate of the potential additional amount of regulatory and commercial milestone payments along with tiered royalties on net sales ranging from 12% to 30%. The ASEAN region to be included in  Phase 1b/2a pilot-scale efficacy study with low-dose IL-6 in DPN, in the second half of 2021. Sonnet will continue to manufacture low-dose IL-6 for clinical development as well as commercial purposes. NLT can negotiate the license for commercial rights in Chemotherapy-Induced Peripheral Neuropathy and expansion of territory to include China and India.

    Management View on Agreement:

    Founder and CEO of Sonnet stock Pankaj Mohan expressed excitement for the opportunity of advancing the diabetic peripheral neuropathy program of Sonnet by partnering with NLT. Pankaj thinks that this agreement will expand the market dynamics of the SONN stock and will remove some of the development burdens of the SONN stock. He further added that this agreement is one step closer to a new treatment for patients who are suffering from diabetic peripheral neuropathy.

    Conclusion:

    Momentum was already built for SONN stock and recent news has added more hype to the rising SONN stock price. It seems that SONN stock is developing with time but deep fundamental as well as technical analysis is necessary before adding this stock to the portfolio.