RedHill Biopharma Ltd. (NASDAQ:RDHL) Short Interest Down 94.8% in August

RedHill Biopharma Ltd. (NASDAQ:RDHL) saw a significant drop in short interest during the month of August. As of August 15th, there was short interest totalling 21,700 shares, a drop of 94.8% from the July 31st total of 417,400 shares. Approximately 1.7% of the shares of the company are short sold. Based on an average daily trading volume, of 304,200 shares, the days-to-cover ratio is presently 0.1 days.

Hedge Funds Weigh In On RedHill Biopharma

A hedge fund recently raised its stake in RedHill Biopharma stock. Gagnon Securities LLC boosted its holdings in shares of RedHill Biopharma Ltd. (NASDAQ:RDHL) by 32.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 118,360 shares of the biotechnology company’s stock after purchasing an additional 28,771 shares during the period. Gagnon Securities LLC owned approximately 0.40% of RedHill Biopharma worth $63,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 7.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com started coverage on shares of RedHill Biopharma in a report on Saturday. They issued a “hold” rating on the stock.

RedHill Biopharma Stock Up 5.0 %

Shares of RDHL stock traded up $0.38 during mid-day trading on Wednesday, hitting $7.94. 51,358 shares of the stock traded hands, compared to its average volume of 142,382. The company’s 50-day simple moving average is $215.91 and its 200-day simple moving average is $272.60. RedHill Biopharma has a twelve month low of $6.43 and a twelve month high of $82.00.

RedHill Biopharma Company Profile

RedHill Biopharma Ltd., a specialty biopharmaceutical company, primarily focuses on gastrointestinal and infectious diseases. The company develops and commercializes Talicia for the treatment of H. pylori infection in adults; and Aemcolo for the treatment of travelers' diarrhea in adults. Its pipeline consists of five therapeutic candidates, which are in clinical development include opaganib for treating patients hospitalized with SARS-CoV-2 severe COVID-19 pneumonia, advanced unresectable cholangiocarcinoma, prostate cancer, and nuclear radiation protection; RHB-107 (upamostat) for treating outpatients infected with SARS-CoV-2 (COVID-19 disease) and advanced unresectable cholangiocarcinoma; RHB-104 for Crohn's disease; RHB-102 (Bekinda) for the treatment of acute gastroenteritis and gastritis, irritable bowel syndrome with diarrhea, and oncology support anti-emetic; and RHB-204 for pulmonary nontuberculous mycobacteria infections caused by mycobacterium avium complex.