Cardiol Therapeutics Inc. (NASDAQ:CRDL) Sees Large Increase in Short Interest

Cardiol Therapeutics Inc. (NASDAQ:CRDL) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 991,600 shares, an increase of 39.6% from the September 30th total of 710,500 shares. Based on an average daily volume of 414,900 shares, the short-interest ratio is currently 2.4 days. Approximately 1.5% of the company’s shares are sold short.

Hedge Funds Weigh In On Cardiol Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in CRDL. AdvisorShares Investments LLC raised its position in Cardiol Therapeutics by 12.7% in the second quarter. AdvisorShares Investments LLC now owns 1,466,972 shares of the company’s stock valued at $2,934,000 after purchasing an additional 164,994 shares during the period. Foundations Investment Advisors LLC raised its holdings in shares of Cardiol Therapeutics by 237.4% during the 3rd quarter. Foundations Investment Advisors LLC now owns 161,950 shares of the company’s stock valued at $321,000 after buying an additional 113,950 shares during the period. Lion Street Advisors LLC lifted its position in Cardiol Therapeutics by 31.4% during the 2nd quarter. Lion Street Advisors LLC now owns 253,281 shares of the company’s stock worth $505,000 after acquiring an additional 60,581 shares in the last quarter. Baader Bank Aktiengesellschaft purchased a new position in Cardiol Therapeutics in the 2nd quarter worth approximately $59,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in Cardiol Therapeutics in the third quarter valued at approximately $27,000. Institutional investors and hedge funds own 12.49% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “buy” rating and set a $9.00 price objective on shares of Cardiol Therapeutics in a research note on Thursday, October 24th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $8.75.

Cardiol Therapeutics Trading Down 1.1 %

Shares of NASDAQ:CRDL traded down $0.02 during trading on Tuesday, reaching $1.83. 250,377 shares of the stock were exchanged, compared to its average volume of 418,376. The firm’s 50-day moving average price is $2.01 and its 200 day moving average price is $2.08. The firm has a market cap of $126.27 million, a price-to-earnings ratio of -5.23 and a beta of 0.89. Cardiol Therapeutics has a 12-month low of $0.72 and a 12-month high of $3.12. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.39 and a current ratio of 2.39.

Cardiol Therapeutics (NASDAQ:CRDL) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.03. On average, sell-side analysts anticipate that Cardiol Therapeutics will post -0.33 earnings per share for the current fiscal year.

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.