Stocks which record considerable gains over a short period of time often record declines fairly quickly as well due to profit booking from investors and that is what happened with the Sonnet BioTherapeutics Holdings Inc (NASDAQ:SONN) stock on Wednesday.
Earlier on this week on Tuesday the stock had made a strong move after the company revealed that it had been successful in the completion of the discovery phase of SON 1410, Sonnet’s next preclinical candidate. The product is the second bispecific compound from the company which combines Interleukin 12 with the Fully Human Albumin Binding platform from Sonnet. The product is meant for the treatment of renal cancers and melanoma.
Hence, it is quite clear to see that the announcement from Sonnet earlier on this week was a significant one and investors reacted positively to the news as well.
The product is going to be taken to the next stages of development at some point in the fourth quarter of the year. However, that is not all. In the second half of next year, Sonnet will be looking to file for an Investigational New Drug application. At this point, it could be a stock worth keeping in the watch lists.