Short Interest in Cadrenal Therapeutics, Inc. (NASDAQ:CVKD) Declines By 32.1%

Cadrenal Therapeutics, Inc. (NASDAQ:CVKD) saw a significant decrease in short interest during the month of July. As of July 15th, there was short interest totaling 55,656 shares, a decrease of 32.1% from the June 30th total of 82,016 shares. Currently, 2.4% of the company’s shares are sold short. Based on an average trading volume of 117,234 shares, the days-to-cover ratio is currently 0.5 days.

Insider Buying and Selling

In other news, CEO Quang X. Pham sold 9,029 shares of the firm’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $3.05, for a total value of $27,538.45. Following the transaction, the chief executive officer directly owned 105,989 shares in the company, valued at $323,266.45. This trade represents a 7.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 97,500 shares of company stock worth $388,290 in the last ninety days. Corporate insiders own 26.09% of the company’s stock.

Institutional Investors Weigh In On Cadrenal Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in shares of Cadrenal Therapeutics by 14.3% in the fourth 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 in the last quarter. JPMorgan Chase & Co. acquired a new position in Cadrenal Therapeutics during the 3rd quarter worth approximately $103,000. DRW Securities LLC acquired a new position in Cadrenal Therapeutics during the 4th quarter worth approximately $171,000. Finally, Citadel Advisors LLC purchased a new position in Cadrenal Therapeutics in the 3rd quarter worth approximately $274,000. Hedge funds and other institutional investors own 7.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CVKD. Wall Street Zen upgraded Cadrenal Therapeutics from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cadrenal Therapeutics in a research report on Friday, July 17th. Finally, HC Wainwright cut their price target on shares of Cadrenal Therapeutics from $32.00 to $13.00 and set a “buy” rating on the stock in a report on Tuesday, April 7th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cadrenal Therapeutics currently has an average rating of “Hold” and an average price target of $13.00.

Cadrenal Therapeutics Trading Up 6.1%

NASDAQ:CVKD opened at $2.09 on Friday. The firm has a market capitalization of $7.15 million, a price-to-earnings ratio of -0.37 and a beta of 1.73. The firm’s fifty day simple moving average is $3.33 and its 200 day simple moving average is $5.26. Cadrenal Therapeutics has a twelve month low of $1.86 and a twelve month high of $14.64.

Cadrenal Therapeutics (NASDAQ:CVKD) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.51) by $0.47. On average, analysts predict that Cadrenal Therapeutics will post -4.01 earnings per share for the current year.

About Cadrenal Therapeutics

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.