Sonnet BioTherapeutics price target lowered to $30 from $75 at Chardan

Chardan analyst Keay Nakae lowered the firm’s price target on Sonnet BioTherapeutics to $30 from $75 and keeps a Buy rating on the shares after the company reported its fiscal Q1 results and provided updates on its pipeline. The firm’s lower price target reflects a higher projected future share count as modeled future capital raises are expected to be more dilutive due to the decline in share price over the last several months, the analyst tells investors.