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

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. RODMAN&RENSHAW raised Cardiol Therapeutics to a “strong-buy” rating in a report on Tuesday, January 28th. Rodman & Renshaw assumed coverage on Cardiol Therapeutics in a report on Tuesday, January 28th. They issued a “buy” rating and a $7.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Cardiol Therapeutics in a report on Monday, February 24th. Five equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $8.40.

Hedge Funds Weigh In On Cardiol Therapeutics

Several hedge funds have recently made changes to their positions in CRDL. Jones Financial Companies Lllp purchased a new position in shares of Cardiol Therapeutics during the fourth quarter worth about $25,000. Townsquare Capital LLC acquired a new stake in shares of Cardiol Therapeutics during the third quarter worth about $27,000. Jane Street Group LLC acquired a new stake in shares of Cardiol Therapeutics during the third quarter worth about $29,000. Cetera Investment Advisers acquired a new stake in shares of Cardiol Therapeutics during the fourth quarter worth about $56,000. Finally, Virtu Financial LLC acquired a new stake in shares of Cardiol Therapeutics during the fourth quarter worth about $61,000. Hedge funds and other institutional investors own 12.49% of the company’s stock.

Cardiol Therapeutics Stock Performance

Shares of CRDL stock traded down $0.05 during mid-day trading on Tuesday, hitting $1.12. 88,003 shares of the stock were exchanged, compared to its average volume of 389,164. The stock’s fifty day simple moving average is $1.25 and its two-hundred day simple moving average is $1.59. The stock has a market capitalization of $92.52 million, a price-to-earnings ratio of -2.87 and a beta of 0.95. Cardiol Therapeutics has a 12-month low of $1.02 and a 12-month high of $3.12. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.49 and a current ratio of 2.49.

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.