Short Interest in Cardiol Therapeutics Inc. (NASDAQ:CRDL) Grows By 40.3%

Cardiol Therapeutics Inc. (NASDAQ:CRDL) was the recipient of a large increase in short interest in the month of May. As of May 31st, there was short interest totalling 374,000 shares, an increase of 40.3% from the May 15th total of 266,500 shares. Currently, 0.6% of the shares of the company are short sold. Based on an average daily volume of 360,800 shares, the days-to-cover ratio is currently 1.0 days.

Institutional Investors Weigh In On Cardiol Therapeutics

A hedge fund recently raised its stake in Cardiol Therapeutics stock. Tejara Capital Ltd lifted its position in Cardiol Therapeutics Inc. (NASDAQ:CRDL) by 29.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 645,457 shares of the company’s stock after acquiring an additional 148,396 shares during the quarter. Tejara Capital Ltd owned approximately 1.00% of Cardiol Therapeutics worth $578,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 12.49% of the company’s stock.

Cardiol Therapeutics Stock Up 2.1 %

Shares of NASDAQ:CRDL traded up $0.05 during mid-day trading on Friday, hitting $2.41. 672,714 shares of the company traded hands, compared to its average volume of 694,135. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.81 and a current ratio of 2.81. Cardiol Therapeutics has a 52-week low of $0.66 and a 52-week high of $3.12. The firm’s 50 day simple moving average is $2.17 and its 200 day simple moving average is $1.58. The firm has a market cap of $164.77 million, a P/E ratio of -6.89 and a beta of 0.99.

Cardiol Therapeutics (NASDAQ:CRDL) last posted its quarterly earnings results on Tuesday, May 14th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.04). On average, equities analysts anticipate that Cardiol Therapeutics will post -0.33 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CRDL. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Cardiol Therapeutics in a research report on Friday. Canaccord Genuity Group raised their price objective on shares of Cardiol Therapeutics from $6.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Finally, Canaccord Genuity Group upped their target price on shares of Cardiol Therapeutics from $6.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cardiol Therapeutics has an average rating of “Buy” and an average target price of $7.00.

About Cardiol Therapeutics

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.