<div id="readability-page-1"><h3>TipRanks Cyber Monday Sale</h3><ul><li> Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence. </li><li> Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off </li></ul>Sonnet BioTherapeutics Holdings ( (SONN) ) has issued an update. On December 2, 2025, Sonnet BioTherapeutics Holdings completed a business combination with Hyperliquid Strategies Inc (HSI) and Rorschach I LLC, resulting in Sonnet becoming a wholly-owned subsidiary of HSI. The merger, approved by Sonnet’s stockholders, involved a five-for-one exchange ratio for shares and led to significant changes in Sonnet’s board and executive team. HSI, now operating as a digital asset treasury reserve company, will trade on Nasdaq under the ticker ‘PURR’. This strategic move allows HSI to provide U.S. equity investors access to the HYPE token, a high-performance blockchain asset, positioning the company to capitalize on the growing digital asset market. The most recent analyst rating on (SONN) stock is a Sell with a $4.00 price target. To see the full list of analyst forecasts on Sonnet BioTherapeutics Holdings stock, see the SONN Stock Forecast page. Spark’s Take on SONN Stock According to Spark, TipRanks’ AI Analyst, SONN is a Underperform. Sonnet BioTherapeutics Holdings’ overall stock score is primarily impacted by its poor financial performance, characterized by declining revenues, negative profitability, and high leverage. Technical analysis indicates a bearish trend with weak momentum, while valuation metrics are unattractive due to a negative P/E ratio and no dividend yield. These factors collectively suggest significant risks and challenges for the company. To see Spark’s full report on SONN stock, click here. More about Sonnet BioTherapeutics Holdings Sonnet BioTherapeutics Holdings, Inc. is an oncology-focused biotechnology company that specializes in developing biologic drugs using its proprietary FHAB (Fully Human Albumin Binding) platform. This technology is designed to target tumor and lymphatic tissues, enhancing the safety and efficacy of immune-modulating biologic drugs. The platform supports a range of therapeutic classes, including cytokines, peptides, antibodies, and vaccines. Average Trading Volume: 955,670 Technical Sentiment Signal: Sell Current Market Cap: $21.94M Find detailed analytics on SONN stock on TipRanks’ Stock Analysis page.</div>

SONN

Sonnet BioTherapeutics Holdings completed a merger with Hyperliquid Strategies Inc, becoming a subsidiary of HSI. The merger involved a five-for-one share exchange and changes in Sonnet’s board. HSI will trade on Nasdaq as 'PURR', offering U.S. investors access to the HYPE token. Analysts rate SONN stock as a Sell due to poor financial performance and bearish technical indicators.

Sonnet BioTherapeutics Merges with Hyperliquid Strategies