Short Interest in Cardiol Therapeutics Inc. (NASDAQ:CRDL) Increases By 26.4%

Cardiol Therapeutics Inc. (NASDAQ:CRDL) saw a significant growth in short interest in 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 volume of 299,700 shares, the short-interest ratio is presently 6.2 days. Approximately 2.4% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CRDL shares. RODMAN&RENSHAW raised shares of 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 set a “buy” rating and a $7.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of Cardiol Therapeutics in a report on Monday, February 24th. Five investment 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.com, the company has a consensus rating of “Buy” and a consensus price target of $8.40.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CRDL. Tejara Capital Ltd boosted its stake in Cardiol Therapeutics by 75.9% in the 4th quarter. Tejara Capital Ltd now owns 3,115,437 shares of the company’s stock worth $3,988,000 after purchasing an additional 1,344,167 shares during the period. PVG Asset Management Corp purchased a new stake in shares of Cardiol Therapeutics in the fourth quarter valued at $624,000. Envestnet Asset Management Inc. purchased a new position in shares of Cardiol Therapeutics during the fourth quarter valued at $398,000. Lion Street Advisors LLC raised its position in Cardiol Therapeutics by 12.6% during the fourth quarter. Lion Street Advisors LLC now owns 307,666 shares of the company’s stock valued at $396,000 after buying an additional 34,385 shares during the period. Finally, Atria Investments Inc purchased a new stake in Cardiol Therapeutics in the 4th quarter worth about $174,000. 12.49% of the stock is currently owned by institutional investors and hedge funds.

Cardiol Therapeutics Trading Up 3.1 %

Shares of NASDAQ CRDL traded up $0.04 during mid-day trading on Monday, hitting $1.17. 105,473 shares of the company traded hands, compared to its average volume of 389,992. The business has a 50 day moving average of $1.25 and a two-hundred day moving average of $1.59. The stock has a market capitalization of $96.24 million, a price-to-earnings ratio of -2.99 and a beta of 0.95. Cardiol Therapeutics has a 1 year low of $1.02 and a 1 year high of $3.12. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.01.

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.