Short Interest in RedHill Biopharma Ltd. (NASDAQ:RDHL) Grows By 455.3%

RedHill Biopharma Ltd. (NASDAQ:RDHL) saw a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 120,500 shares, an increase of 455.3% from the August 15th total of 21,700 shares. Approximately 9.5% of the company’s shares are sold short. Based on an average trading volume of 316,100 shares, the days-to-cover ratio is presently 0.4 days.

RedHill Biopharma Price Performance

RDHL traded up $0.27 during trading hours on Friday, reaching $11.01. 39,804 shares of the company’s stock traded hands, compared to its average volume of 137,852. The firm has a 50-day moving average price of $9.60 and a 200 day moving average price of $10.87. RedHill Biopharma has a 52-week low of $6.43 and a 52-week high of $82.00.

Hedge Funds Weigh In On RedHill Biopharma

An institutional investor recently raised its position in RedHill Biopharma stock. Gagnon Securities LLC raised its position in shares of RedHill Biopharma Ltd. (NASDAQ:RDHL) by 32.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 118,360 shares of the biotechnology company’s stock after purchasing an additional 28,771 shares during the period. Gagnon Securities LLC owned about 0.40% of RedHill Biopharma worth $63,000 as of its most recent filing with the Securities & Exchange Commission. 7.20% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on RedHill Biopharma in a report on Saturday, August 24th. They set a “hold” rating for the company.

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.