Cardiol Therapeutics Inc. (NASDAQ:CRDL) Short Interest Up 12.4% in December

Cardiol Therapeutics Inc. (NASDAQ:CRDL) was the recipient of a significant increase in short interest in December. As of December 15th, there was short interest totalling 1,270,000 shares, an increase of 12.4% from the November 30th total of 1,130,000 shares. Approximately 1.6% of the company’s shares are short sold. Based on an average daily trading volume, of 483,200 shares, the days-to-cover ratio is presently 2.6 days.

Institutional Trading of Cardiol Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Townsquare Capital LLC purchased a new position in Cardiol Therapeutics during the 3rd quarter worth approximately $27,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Cardiol Therapeutics during the third quarter worth approximately $27,000. Jane Street Group LLC acquired a new position in shares of Cardiol Therapeutics in the 3rd quarter valued at $29,000. Foundations Investment Advisors LLC purchased a new stake in Cardiol Therapeutics in the 2nd quarter valued at $97,000. Finally, Lion Street Advisors LLC boosted its stake in Cardiol Therapeutics by 7.9% during the 3rd quarter. Lion Street Advisors LLC now owns 273,281 shares of the company’s stock worth $544,000 after purchasing an additional 20,000 shares during the period. Institutional investors and hedge funds own 12.49% of the company’s stock.

Cardiol Therapeutics Stock Performance

NASDAQ:CRDL remained flat at $1.28 during midday trading on Wednesday. 244,131 shares of the company traded hands, compared to its average volume of 417,328. 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 has a 12-month low of $0.82 and a 12-month high of $3.12. The firm has a market capitalization of $104.58 million, a P/E ratio of -3.28 and a beta of 0.83. The stock has a fifty day moving average of $1.59 and a two-hundred day moving average of $1.88.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of Cardiol Therapeutics in a report on Wednesday, December 18th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $8.75.

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.