Short Interest in Cardiol Therapeutics Inc. (NASDAQ:CRDL) Declines By 8.3%

Cardiol Therapeutics Inc. (NASDAQ:CRDL) was the target of a large drop in short interest in January. As of January 31st, there was short interest totalling 1,430,000 shares, a drop of 8.3% from the January 15th total of 1,560,000 shares. Based on an average daily trading volume, of 359,300 shares, the days-to-cover ratio is presently 4.0 days. Approximately 1.8% of the shares of the stock are sold short.

Cardiol Therapeutics Trading Down 3.3 %

CRDL traded down $0.04 during trading on Tuesday, reaching $1.18. The company had a trading volume of 379,503 shares, compared to its average volume of 257,006. The business has a 50 day simple moving average of $1.32 and a 200-day simple moving average of $1.70. The stock has a market cap of $97.48 million, a P/E ratio of -3.03 and a beta of 0.91. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.01. Cardiol Therapeutics has a 52 week low of $1.15 and a 52 week high of $3.12.

Wall Street Analyst Weigh In

CRDL has been the topic of several recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Cardiol Therapeutics in a report on Wednesday, December 18th. Rodman & Renshaw initiated coverage on shares of Cardiol Therapeutics in a research note on Tuesday, January 28th. They set a “buy” rating and a $7.00 price target on the stock. Finally, RODMAN&RENSHAW raised shares of Cardiol Therapeutics to a “strong-buy” rating in a research note on Tuesday, January 28th. Five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Cardiol Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $8.40.

Hedge Funds Weigh In On Cardiol Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Tejara Capital Ltd boosted its position in shares of Cardiol Therapeutics by 75.9% during the fourth quarter. Tejara Capital Ltd now owns 3,115,437 shares of the company’s stock valued at $3,988,000 after buying an additional 1,344,167 shares during the period. Envestnet Asset Management Inc. bought a new stake in shares of Cardiol Therapeutics during the 4th quarter worth approximately $398,000. Lion Street Advisors LLC boosted its holdings in Cardiol Therapeutics by 12.6% during the 4th quarter. Lion Street Advisors LLC now owns 307,666 shares of the company’s stock valued at $396,000 after acquiring an additional 34,385 shares during the period. Foundations Investment Advisors LLC grew its position in Cardiol Therapeutics by 237.4% in the 3rd quarter. Foundations Investment Advisors LLC now owns 161,950 shares of the company’s stock valued at $321,000 after acquiring an additional 113,950 shares during the last quarter. Finally, Atria Investments Inc purchased a new stake in Cardiol Therapeutics in the fourth quarter worth $174,000. 12.49% of the stock is currently owned by institutional investors.

Cardiol Therapeutics Company Profile

Cardiol Therapeutics Inc, a clinical-stage life sciences company, focuses on the research and development of anti-fibrotic and anti-inflammatory therapies for the treatment of heart diseases. Its lead product CardiolRx, which is in Phase II multi-national, randomized, double-blind, and placebo-controlled study to evaluate the efficacy and safety of CardiolRx in acute myocarditis, as well as for the treatment of recurrent pericarditis.