RTTNews | Jul 31, 2020 10:11AM EDT

10:10 Friday, July 31, 2020 (RTTNews.com) - Sonnet BioTherapeutics Holdings, Inc. (SONN) shares are surging, though there was no announcement from the company on Friday that could influence the stock. Earlier on July 20, the oncology-focused biotechnology drugs company had announced the completion of initial preclinical proof-of-concept work with both GMcSF and IL-18 and with GMcSF and IL-12 in a xenograft mouse model of melanoma. Sonnet's FHAB-derived drug candidates all showed a statistically significant reduction in tumor growth compared to placebo.

The shares started to climb from Thursday and closed at $2.91, on more than average volume of 2,764,800. Currently, the shares are at $7.06, up 145.67 percent from on a volume of 51,580,607.

For the 52 week period, the shares have traded in a range of $2.52-$54.60 on average volume of 543,104.

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