Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN) is flying in the market this morning, trading on gains of over 190%. If you’re looking for press releases or SEC filings issued by the company, you’re not going to find much. Nonetheless, there’s a good reason for the gains.
It looks like the company has become the subject of a think tank in an effort to fight COVID-19. Here’s what’s going on:
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SONN Stock Is Flying On Coronavirus Project
As mentioned above, Sonnet BioTherapeutics is flying in the market today, but the company itself hasn’t issued any news. Nonetheless, they didn’t have to. A press release published by a New York think tank, Altru Institute, says it all.
In the press release, Altru Institute said that it has organized the Altru Global Virus Project. The Project was organized to aggregate a curate the best information globally and to foster collaboration among medical leaders.
In the press release, Altru Institute said that it published its first summary report. This is where SONN comes in.
The report was based on a technology that was developed by Sonnet and may be applicable to the treatment of viruses, including the coronavirus. The technology was originally developed as a potential option to treat cancer. However, according to Altru, the tech developed by SONN has a delivery mechanism that can be applied to viruses.
In a statement, Brett Johnson, co-founder of Altru and Director of the Virus Project, had the following to offer:
This pandemic is the greatest challenge we have faced and is existential. Only through unprecedented cooperation and collaboration by our best minds can we address this challenge. Our goal is to create a platform for this collaboration free of interference by politics and special interests.
A fundamental approach is to identifying specific teams of scientists at universities and at private companies that are developing new approaches. Our focus is on the little known entities, start-ups with what may be breakthroughs.
This News Is Exciting
Sonnet BioTherapeutics is a relatively small company. In fact, even after today’s tremendous gains, the company has a market cap of just over $120 million. However, with their technology, the company could see tremendous gains ahead.
Let’s face it, COVID-19 is no laughing matter. In just a matter of a few months, the virus has shut down economies around the world, stopped children from going to school and struck fear in the hearts of consumers.
Any company that develops a treatment has a tremendous revenue opportunity. Considering that with SONN having technology that could help in the fight against the virus, the stock is one to watch closely.
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