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

Cardiol Therapeutics Inc. (NASDAQ:CRDL) was the target of a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 776,300 shares, an increase of 107.6% from the May 31st total of 374,000 shares. Based on an average daily volume of 501,700 shares, the days-to-cover ratio is currently 1.5 days. Currently, 1.2% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of brokerages have recently commented on CRDL. HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of Cardiol Therapeutics in a report on Friday, June 14th. Canaccord Genuity Group lifted their price target on Cardiol Therapeutics from $6.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Roth Capital upgraded Cardiol Therapeutics to a “strong-buy” rating in a research report on Wednesday. Roth Mkm began coverage on Cardiol Therapeutics in a research report on Wednesday. They issued a “buy” rating and a $10.00 target price for the company. Finally, Canaccord Genuity Group increased their price target on shares of Cardiol Therapeutics from $6.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $7.60.

Cardiol Therapeutics Trading Up 1.0 %

Shares of CRDL traded up $0.02 during trading hours on Friday, hitting $2.02. The company had a trading volume of 357,350 shares, compared to its average volume of 445,916. Cardiol Therapeutics has a 52-week low of $0.66 and a 52-week high of $3.12. The company has a quick ratio of 2.81, a current ratio of 2.81 and a debt-to-equity ratio of 0.01. The stock’s 50 day moving average price is $2.21 and its 200 day moving average price is $1.65. The firm has a market cap of $139.38 million, a P/E ratio of -5.77 and a beta of 0.99.

Cardiol Therapeutics (NASDAQ:CRDL) last announced its quarterly earnings results on Tuesday, May 14th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.04). On average, research analysts predict that Cardiol Therapeutics will post -0.33 EPS for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Cardiol Therapeutics stock. Laird Norton Trust Company LLC lifted its holdings in shares of Cardiol Therapeutics Inc. (NASDAQ:CRDL) by 63.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 100,000 shares of the company’s stock after acquiring an additional 38,673 shares during the quarter. Laird Norton Trust Company LLC owned approximately 0.15% of Cardiol Therapeutics worth $90,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 12.49% of the company’s stock.

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.