Short Interest in Conduit Pharmaceuticals Inc. (NASDAQ:CDT) Increases By 66.6%

Conduit Pharmaceuticals Inc. (NASDAQ:CDT) was the recipient of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 751,400 shares, an increase of 66.6% from the February 28th total of 451,100 shares. Based on an average daily volume of 3,460,000 shares, the days-to-cover ratio is currently 0.2 days. Approximately 105.8% of the shares of the company are short sold.

Conduit Pharmaceuticals Stock Performance

NASDAQ:CDT traded up $0.12 during midday trading on Friday, reaching $0.89. The stock had a trading volume of 5,312,230 shares, compared to its average volume of 1,022,851. Conduit Pharmaceuticals has a 12-month low of $0.73 and a 12-month high of $379.00. The firm has a fifty day simple moving average of $1.90 and a two-hundred day simple moving average of $7.12.

Conduit Pharmaceuticals (NASDAQ:CDT) last issued its quarterly earnings results on Friday, March 28th. The company reported ($20.33) earnings per share (EPS) for the quarter.

Hedge Funds Weigh In On Conduit Pharmaceuticals

A number of large investors have recently modified their holdings of the business. Rhumbline Advisers lifted its holdings in Conduit Pharmaceuticals by 5,034.0% in the fourth quarter. Rhumbline Advisers now owns 1,028,702 shares of the company’s stock valued at $71,000 after acquiring an additional 1,008,665 shares during the period. Geode Capital Management LLC boosted its position in Conduit Pharmaceuticals by 36.8% during the fourth quarter. Geode Capital Management LLC now owns 584,984 shares of the company’s stock worth $40,000 after purchasing an additional 157,307 shares in the last quarter. Barclays PLC grew its holdings in Conduit Pharmaceuticals by 6.5% in the fourth quarter. Barclays PLC now owns 892,350 shares of the company’s stock valued at $61,000 after purchasing an additional 54,523 shares during the last quarter. Finally, Citadel Advisors LLC raised its stake in shares of Conduit Pharmaceuticals by 177.0% during the 4th quarter. Citadel Advisors LLC now owns 526,268 shares of the company’s stock worth $36,000 after buying an additional 336,278 shares during the last quarter. 3.29% of the stock is owned by hedge funds and other institutional investors.

About Conduit Pharmaceuticals

Conduit Pharmaceuticals Inc, a clinical-stage specialty biopharmaceutical company, develops pharmaceutical products that provides unmet medical needs in the areas of autoimmune diseases and idiopathic male infertility. Its pipeline includes AZD1656, which has completed Phase I trials for the treatment of type 2 diabetes, renal transplant, Hashimoto's thyroiditis and Grave's disease, uveitis, and preterm labor; and AZD5904, which has completed Phase I clinical trials for the treatment of idiopathic male infertility.