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

Cardiol Therapeutics Inc. (NASDAQ:CRDL) was the target of a large 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. Currently, 1.8% of the shares of the stock are short sold. Based on an average daily volume of 359,300 shares, the days-to-cover ratio is currently 4.0 days.

Cardiol Therapeutics Stock Performance

Shares of CRDL opened at $1.18 on Wednesday. The company’s 50 day moving average price is $1.32 and its 200 day moving average price is $1.70. Cardiol Therapeutics has a 52 week low of $1.15 and a 52 week high of $3.12. The company has a market capitalization of $97.48 million, a PE ratio of -3.03 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.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC purchased a new position in Cardiol Therapeutics during the third quarter valued at approximately $27,000. Townsquare Capital LLC bought a new stake in Cardiol Therapeutics in the third quarter worth approximately $27,000. Jane Street Group LLC bought a new stake in Cardiol Therapeutics in the third quarter worth approximately $29,000. Jones Financial Companies Lllp bought a new stake in Cardiol Therapeutics in the fourth quarter worth approximately $25,000. Finally, Cetera Investment Advisers bought a new stake in Cardiol Therapeutics in the fourth quarter worth approximately $56,000. 12.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CRDL. RODMAN&RENSHAW raised shares of Cardiol Therapeutics to a “strong-buy” rating in a research report on Tuesday, January 28th. Rodman & Renshaw began coverage on shares of Cardiol Therapeutics in a research 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 research report on Wednesday, December 18th. Five research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $8.40.

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.