Conduit Pharmaceuticals Inc. (NASDAQ:CDT) Short Interest Up 220.7% in October

Conduit Pharmaceuticals Inc. (NASDAQ:CDT) was the recipient of a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 4,650,000 shares, a growth of 220.7% from the September 30th total of 1,450,000 shares. Based on an average daily trading volume, of 19,190,000 shares, the days-to-cover ratio is presently 0.2 days.

Insider Activity

In related news, major shareholder Ltd Nirland sold 939,009 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $0.10, for a total value of $93,900.90. Following the transaction, the insider now directly owns 6,092,000 shares of the company’s stock, valued at approximately $609,200. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 3,658,000 shares of company stock valued at $386,136 in the last ninety days. 23.49% of the stock is currently owned by company insiders.

Conduit Pharmaceuticals Stock Performance

Conduit Pharmaceuticals stock traded down $0.01 during trading hours on Friday, reaching $0.11. The stock had a trading volume of 8,864,623 shares, compared to its average volume of 6,913,236. The business’s 50 day moving average price is $0.13 and its 200-day moving average price is $1.22. Conduit Pharmaceuticals has a 52 week low of $0.10 and a 52 week high of $7.83.

Conduit Pharmaceuticals (NASDAQ:CDT) last announced its earnings results on Monday, August 12th. The company reported ($0.07) earnings per share for the quarter.

Analysts Set New Price Targets

Separately, Berenberg Bank raised shares of Conduit Pharmaceuticals to a “strong-buy” rating in a research note on Friday, July 26th.

About Conduit Pharmaceuticals

Conduit Pharmaceuticals Inc, a clinical-stage specialty biopharmaceutical company, develops pharmaceutical products that provides unmet medical needs in the areas of autoimmune diseases and idiopathic male infertility. Its pipeline includes AZD1656, which has completed Phase I trials for the treatment of type 2 diabetes, renal transplant, Hashimoto's thyroiditis and Grave's disease, uveitis, and preterm labor; and AZD5904, which has completed Phase I clinical trials for the treatment of idiopathic male infertility.