Short Interest in Cardiol Therapeutics Inc. (NASDAQ:CRDL) Increases By 26.4%

Cardiol Therapeutics Inc. (NASDAQ:CRDL) was the target of a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 1,870,000 shares, an increase of 26.4% from the February 13th total of 1,480,000 shares. Currently, 2.4% of the company’s shares are sold short. Based on an average trading volume of 299,700 shares, the short-interest ratio is presently 6.2 days.

Analyst Upgrades and Downgrades

CRDL has been the topic of several recent research reports. Rodman & Renshaw initiated coverage on Cardiol Therapeutics in a report on Tuesday, January 28th. They issued a “buy” rating and a $7.00 price target on the stock. RODMAN&RENSHAW upgraded Cardiol Therapeutics to a “strong-buy” rating in a report on Tuesday, January 28th. Finally, HC Wainwright reiterated a “buy” rating and issued a $9.00 price target on shares of Cardiol Therapeutics in a report on Monday, February 24th. Five investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Cardiol Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $8.40.

Cardiol Therapeutics Price Performance

Shares of CRDL opened at $1.12 on Wednesday. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.01. Cardiol Therapeutics has a 1 year low of $1.02 and a 1 year high of $3.12. The stock has a market cap of $92.52 million, a P/E ratio of -2.87 and a beta of 0.95. The stock’s 50-day moving average price is $1.25 and its two-hundred day moving average price is $1.58.

Hedge Funds Weigh In On Cardiol Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC bought a new position in Cardiol Therapeutics during the third quarter worth about $29,000. Townsquare Capital LLC bought a new position in Cardiol Therapeutics during the third quarter worth about $27,000. Lion Street Advisors LLC boosted its holdings in Cardiol Therapeutics by 12.6% during the fourth quarter. Lion Street Advisors LLC now owns 307,666 shares of the company’s stock worth $396,000 after buying an additional 34,385 shares during the last quarter. Tejara Capital Ltd boosted its holdings in 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 buying an additional 1,344,167 shares during the last quarter. Finally, Cetera Investment Advisers bought a new position in Cardiol Therapeutics during the fourth quarter worth about $56,000. Institutional investors own 12.49% of the company’s stock.

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.