Short Interest in Cardiol Therapeutics Inc. (NASDAQ:CRDL) Increases By 107.6%

Cardiol Therapeutics Inc. (NASDAQ:CRDL) was the recipient of a large 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. Approximately 1.2% of the shares of the company are sold short. Based on an average daily volume of 501,700 shares, the days-to-cover ratio is currently 1.5 days.

Institutional Investors Weigh In On Cardiol Therapeutics

A hedge fund recently raised its stake in Cardiol Therapeutics stock. Laird Norton Trust Company LLC increased its holdings in shares of Cardiol Therapeutics Inc. (NASDAQ:CRDL) by 63.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 100,000 shares of the company’s stock after acquiring an additional 38,673 shares during the period. Laird Norton Trust Company LLC owned about 0.15% of Cardiol Therapeutics worth $90,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 12.49% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRDL. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Cardiol Therapeutics in a report on Friday, June 14th. Roth Capital raised Cardiol Therapeutics to a “strong-buy” rating in a research report on Wednesday. Canaccord Genuity Group lifted their price objective 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 Mkm assumed coverage on Cardiol Therapeutics in a research note on Wednesday. They set a “buy” rating and a $10.00 target price for the company. Finally, 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 report on Thursday, May 23rd. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $7.60.

Cardiol Therapeutics Stock Up 1.0 %

CRDL stock opened at $2.02 on Friday. Cardiol Therapeutics has a twelve month low of $0.66 and a twelve month 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 company has a market cap of $139.38 million, a PE ratio of -5.77 and a beta of 0.99. The business’s 50-day simple moving average is $2.21 and its 200 day simple moving average is $1.65.

Cardiol Therapeutics (NASDAQ:CRDL) last announced its quarterly earnings data on Tuesday, May 14th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.04). On average, research analysts anticipate that Cardiol Therapeutics will post -0.34 earnings per share for the current year.

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.