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

Cardiol Therapeutics Inc. (NASDAQ:CRDL) was the target of a significant decline in short interest in January. As of January 31st, there was short interest totalling 1,430,000 shares, a decline of 8.3% from the January 15th total of 1,560,000 shares. Approximately 1.8% of the company’s shares are sold short. Based on an average trading volume of 359,300 shares, the short-interest ratio is presently 4.0 days.

Analyst Ratings Changes

CRDL has been the topic of several recent analyst reports. Rodman & Renshaw initiated coverage on shares of 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 shares of Cardiol Therapeutics to a “strong-buy” rating in a report on Tuesday, January 28th. Finally, HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Cardiol Therapeutics in a report on Wednesday, December 18th. Five analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Cardiol Therapeutics presently has an average rating of “Buy” and an average price target of $8.40.

Cardiol Therapeutics Stock Down 1.6 %

Shares of CRDL stock traded down $0.02 during mid-day trading on Monday, reaching $1.22. 292,703 shares of the company’s stock traded hands, compared to its average volume of 244,533. Cardiol Therapeutics has a 12 month low of $1.17 and a 12 month high of $3.12. The company has a market cap of $100.78 million, a P/E ratio of -3.13 and a beta of 0.91. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average price is $1.33 and its 200-day moving average price is $1.71.

Institutional Trading of Cardiol Therapeutics

Hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Cardiol Therapeutics in the 3rd quarter worth about $27,000. Townsquare Capital LLC purchased a new position in Cardiol Therapeutics in the 3rd quarter worth about $27,000. Jane Street Group LLC purchased a new position in Cardiol Therapeutics in the 3rd quarter worth about $29,000. Jones Financial Companies Lllp purchased a new position in Cardiol Therapeutics in the 4th quarter worth about $25,000. Finally, Lion Street Advisors LLC raised its position in Cardiol Therapeutics by 12.6% in the 4th 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. Institutional investors own 12.49% of the company’s stock.

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.