Cardiol Therapeutics Inc. (NASDAQ:CRDL) Short Interest Update

Cardiol Therapeutics Inc. (NASDAQ:CRDL - Get Free Report) was the target of a significant increase in short interest in February. As of February 28th, there was short interest totalling 1,870,000 shares, an increase of 26.4% from the February 13th total of 1,480,000 shares. Approximately 2.4% of the shares of the company are sold short. Based on an average daily trading volume, of 299,700 shares, the days-to-cover ratio is currently 6.2 days.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CRDL. HC Wainwright reaffirmed a "buy" rating and set a $9.00 price objective on shares of Cardiol Therapeutics in a research report on Monday, February 24th. RODMAN&RENSHAW upgraded shares of Cardiol Therapeutics to a "strong-buy" rating in a research report on Tuesday, January 28th. Finally, Rodman & Renshaw initiated coverage on shares of Cardiol Therapeutics in a research note on Tuesday, January 28th. They issued a "buy" rating and a $7.00 price objective for the company. Five analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $8.40.

Cardiol Therapeutics Price Performance

CRDL stock traded down $0.07 during midday trading on Friday, hitting $1.12. The company's stock had a trading volume of 72,789 shares, compared to its average volume of 389,065. 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 $1.02 and a 12 month high of $3.12. The company has a 50 day moving average of $1.24 and a two-hundred day moving average of $1.58. The firm has a market capitalization of $92.52 million, a price-to-earnings ratio of -2.87 and a beta of 0.95.

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Hedge Funds Weigh In On Cardiol Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tejara Capital Ltd increased its holdings in shares of Cardiol Therapeutics by 75.9% in the fourth 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 last quarter. PVG Asset Management Corp bought a new stake in Cardiol Therapeutics in the 4th quarter worth approximately $624,000. Envestnet Asset Management Inc. bought a new stake in Cardiol Therapeutics in the 4th quarter worth approximately $398,000. Lion Street Advisors LLC boosted its position in shares of Cardiol Therapeutics by 12.6% during the 4th quarter. Lion Street Advisors LLC now owns 307,666 shares of the company's stock valued at $396,000 after acquiring an additional 34,385 shares during the last quarter. Finally, Atria Investments Inc purchased a new position in shares of Cardiol Therapeutics in the fourth quarter valued at $174,000. 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.