Cardiol Therapeutics Inc. (NASDAQ:CRDL) Sees Significant Growth in Short Interest

Cardiol Therapeutics Inc. (NASDAQ:CRDL) was the target of a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 893,300 shares, a growth of 9.6% from the October 31st total of 814,800 shares. Based on an average daily volume of 479,500 shares, the short-interest ratio is currently 1.9 days. Approximately 1.2% of the company’s stock are short sold.

Institutional Investors Weigh In On Cardiol Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Townsquare Capital LLC acquired a new stake in Cardiol Therapeutics in the 3rd quarter worth approximately $27,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Cardiol Therapeutics in the third quarter worth $27,000. Jane Street Group LLC acquired a new stake in shares of Cardiol Therapeutics during the third quarter worth $29,000. Baader Bank Aktiengesellschaft purchased a new stake in shares of Cardiol Therapeutics during the second quarter valued at $59,000. Finally, Foundations Investment Advisors LLC acquired a new position in shares of Cardiol Therapeutics in the 2nd quarter valued at $97,000. Institutional investors and hedge funds own 12.49% of the company’s stock.

Cardiol Therapeutics Stock Down 3.1 %

CRDL traded down $0.05 during trading on Monday, hitting $1.57. The stock had a trading volume of 335,609 shares, compared to its average volume of 418,910. The stock has a 50 day simple moving average of $1.85 and a two-hundred day simple moving average of $2.05. The company has a market capitalization of $128.12 million, a PE ratio of -4.03 and a beta of 0.91. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.49 and a current ratio of 2.49. Cardiol Therapeutics has a twelve month low of $0.79 and a twelve month high of $3.12.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a “buy” rating and issued a $9.00 price target on shares of Cardiol Therapeutics in a report on Wednesday, November 20th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $8.75.

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.