Cardiol Therapeutics Inc. (NASDAQ:CRDL) Short Interest Update

Cardiol Therapeutics Inc. (NASDAQ:CRDL) was the target of a significant drop in short interest in the month of 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. Approximately 1.8% of the shares of the company are sold short. Based on an average trading volume of 359,300 shares, the short-interest ratio is currently 4.0 days.

Hedge Funds Weigh In On Cardiol Therapeutics

A number of hedge funds have recently made changes to their positions in the business. Cetera Investment Advisers bought a new stake in Cardiol Therapeutics during the 4th quarter valued at approximately $56,000. Envestnet Asset Management Inc. bought a new stake in shares of Cardiol Therapeutics during the fourth quarter valued at approximately $398,000. Virtu Financial LLC purchased a new position in shares of Cardiol Therapeutics in the fourth quarter worth $61,000. 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 worth $3,988,000 after acquiring an additional 1,344,167 shares during the last quarter. Finally, Atria Investments Inc bought a new position in shares of Cardiol Therapeutics during the fourth quarter worth $174,000. Institutional investors own 12.49% of the company’s stock.

Analysts Set New Price Targets

CRDL has been the subject of a number of recent research reports. RODMAN&RENSHAW raised shares of Cardiol Therapeutics to a “strong-buy” rating in a research report on Tuesday, January 28th. Rodman & Renshaw initiated coverage on Cardiol Therapeutics in a report on Tuesday, January 28th. They set a “buy” rating and a $7.00 price target for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Cardiol Therapeutics in a research note on Wednesday, December 18th. Five investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $8.40.

Cardiol Therapeutics Price Performance

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

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.