Cadrenal Therapeutics, Inc. (NASDAQ:CVKD) Sees Large Drop in Short Interest

Cadrenal Therapeutics, Inc. (NASDAQ:CVKD) was the target of a large decrease in short interest during the month of March. As of March 31st, there was short interest totaling 29,406 shares, a decrease of 60.6% from the March 15th total of 74,726 shares. Based on an average daily trading volume, of 53,073 shares, the short-interest ratio is currently 0.6 days. Currently, 1.6% of the shares of the company are sold short.

Institutional Trading of Cadrenal Therapeutics

A number of institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. bought a new position in shares of Cadrenal Therapeutics in the third quarter worth $103,000. Geode Capital Management LLC increased its holdings in Cadrenal Therapeutics by 14.3% in the 4th quarter. Geode Capital Management LLC now owns 14,528 shares of the company’s stock valued at $98,000 after buying an additional 1,818 shares during the period. Citadel Advisors LLC acquired a new position in shares of Cadrenal Therapeutics in the 3rd quarter valued at approximately $274,000. Finally, DRW Securities LLC bought a new stake in shares of Cadrenal Therapeutics during the 4th quarter worth approximately $171,000. 7.92% of the stock is currently owned by institutional investors.

Cadrenal Therapeutics Price Performance

Cadrenal Therapeutics stock traded up $0.08 during midday trading on Monday, hitting $4.84. The company’s stock had a trading volume of 6,891 shares, compared to its average volume of 49,607. The company has a market cap of $12.12 million, a price-to-earnings ratio of -0.72 and a beta of 1.53. Cadrenal Therapeutics has a 1-year low of $4.21 and a 1-year high of $17.50. The company has a 50-day moving average price of $6.35 and a two-hundred day moving average price of $9.02.

Cadrenal Therapeutics (NASDAQ:CVKD) last announced its earnings results on Tuesday, March 31st. The company reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.17) by ($0.24). Sell-side analysts forecast that Cadrenal Therapeutics will post -7.59 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CVKD. Weiss Ratings restated a “sell (e+)” rating on shares of Cadrenal Therapeutics in a report on Wednesday, January 21st. HC Wainwright reduced their price target on Cadrenal Therapeutics from $32.00 to $13.00 and set a “buy” rating for the company in a research note on Tuesday, April 7th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Cadrenal Therapeutics presently has a consensus rating of “Hold” and an average target price of $13.00.

Cadrenal Therapeutics Company Profile

Cadrenal Therapeutics, Inc operates as a clinical development biopharmaceutical company. The company focuses on developing Tecarfarin, a novel oral and reversible anticoagulant to prevent heart attacks, strokes, and deaths due to blood clots in patients with rare cardiovascular conditions requiring chronic anticoagulation, such as patients with left ventricular assist devices, end-stage kidney disease, atrial fibrillation, and thrombotic anti-phospholipid syndrome. Cadrenal Therapeutics, Inc was incorporated in 2022 and is headquartered in Ponte Vedra, Florida.