Conduit Pharmaceuticals Inc. (NASDAQ:CDT) Sees Significant Drop in Short Interest

Conduit Pharmaceuticals Inc. (NASDAQ:CDT) saw a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 3,570,000 shares, a drop of 23.2% from the October 15th total of 4,650,000 shares. Based on an average daily volume of 14,210,000 shares, the days-to-cover ratio is currently 0.3 days.

Analysts Set New Price Targets

Separately, Berenberg Bank upgraded Conduit Pharmaceuticals to a “strong-buy” rating in a research report on Friday, July 26th.

Insider Buying and Selling

In other news, major shareholder Ltd Nirland sold 939,009 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $0.10, for a total value of $93,900.90. Following the completion of the transaction, the insider now owns 6,092,000 shares in the company, valued at $609,200. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 3,658,000 shares of company stock valued at $386,136 over the last ninety days. 34.74% of the stock is owned by insiders.

Conduit Pharmaceuticals Price Performance

Shares of CDT stock traded down $0.00 during trading hours on Thursday, reaching $0.09. 4,269,175 shares of the stock were exchanged, compared to its average volume of 6,923,972. Conduit Pharmaceuticals has a 12-month low of $0.08 and a 12-month high of $7.83. The company’s 50-day moving average price is $0.11 and its 200-day moving average price is $0.93.

Conduit Pharmaceuticals (NASDAQ:CDT) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.07) earnings per share (EPS) for the quarter.

About Conduit Pharmaceuticals

Conduit Pharmaceuticals Inc, a clinical-stage specialty biopharmaceutical company, develops pharmaceutical products that provides unmet medical needs in the areas of autoimmune diseases and idiopathic male infertility. Its pipeline includes AZD1656, which has completed Phase I trials for the treatment of type 2 diabetes, renal transplant, Hashimoto's thyroiditis and Grave's disease, uveitis, and preterm labor; and AZD5904, which has completed Phase I clinical trials for the treatment of idiopathic male infertility.