Cadrenal Therapeutics, Inc. (NASDAQ:CVKD) Short Interest Down 37.5% in May

Cadrenal Therapeutics, Inc. (NASDAQ:CVKD) was the target of a large decline in short interest in the month of May. As of May 31st, there was short interest totalling 32,100 shares, a decline of 37.5% from the May 15th total of 51,400 shares. Currently, 2.4% of the shares of the company are short sold. Based on an average daily volume of 24,900 shares, the short-interest ratio is currently 1.3 days.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Cadrenal Therapeutics stock. Geode Capital Management LLC purchased a new position in shares of Cadrenal Therapeutics, Inc. (NASDAQ:CVKD) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 10,554 shares of the company’s stock, valued at approximately $153,000. Geode Capital Management LLC owned about 0.59% of Cadrenal Therapeutics as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 7.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a “buy” rating and issued a $32.00 price target on shares of Cadrenal Therapeutics in a research report on Friday, May 16th.

Cadrenal Therapeutics Stock Performance

Shares of CVKD traded down $0.02 during midday trading on Monday, hitting $13.85. 8,332 shares of the company traded hands, compared to its average volume of 40,950. The stock has a market cap of $27.23 million, a price-to-earnings ratio of -2.07 and a beta of 1.09. Cadrenal Therapeutics has a 52 week low of $5.70 and a 52 week high of $22.90. The firm has a 50 day moving average of $15.32 and a 200-day moving average of $16.43.

Cadrenal Therapeutics (NASDAQ:CVKD) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($2.09) EPS for the quarter, missing the consensus estimate of ($1.64) by ($0.45). Sell-side analysts predict that Cadrenal Therapeutics will post -7.59 earnings per share for the current fiscal year.

About Cadrenal Therapeutics

Cadrenal Therapeutics, Inc operates as a clinical development biopharmaceutical company. The company focuses on developing Tecarfarin, a novel oral and reversible anticoagulant to prevent heart attacks, strokes, and deaths due to blood clots in patients with rare cardiovascular conditions requiring chronic anticoagulation, such as patients with left ventricular assist devices, end-stage kidney disease, atrial fibrillation, and thrombotic anti-phospholipid syndrome.