Cadrenal Therapeutics (NASDAQ:CVKD) Shares Up 12.4% – Here’s What Happened

Shares of Cadrenal Therapeutics, Inc. (NASDAQ:CVKD) rose 12.4% during trading on Friday. The stock traded as high as $1.12 and last traded at $1.09. 172,917 shares changed hands during trading, a decline of 24% from the average daily volume of 227,734 shares. The stock had previously closed at $0.97.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Cadrenal Therapeutics in a research note on Thursday. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $13.00.

Cadrenal Therapeutics Stock Performance

The stock has a market cap of $3.89 million, a price-to-earnings ratio of -0.22 and a beta of 1.93. The business’s 50 day moving average is $1.29 and its 200-day moving average is $3.05.

Cadrenal Therapeutics (NASDAQ:CVKD) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($1.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.28. Sell-side analysts anticipate that Cadrenal Therapeutics, Inc. will post -3.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Cadrenal Therapeutics

A hedge fund recently bought a new stake in Cadrenal Therapeutics stock. Courier Capital LLC bought a new stake in Cadrenal Therapeutics, Inc. (NASDAQ:CVKD) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 39,674 shares of the company’s stock, valued at approximately $43,000. Courier Capital LLC owned approximately 1.11% of Cadrenal Therapeutics at the end of the most recent reporting period. 7.92% of the stock is currently owned by hedge funds and other institutional investors.

Cadrenal Therapeutics Company Profile

Cadrenal Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for patients with cardiovascular disease. The company’s lead product candidate is tecarfarin, an investigational oral anticoagulant intended for people who require long-term blood-thinning treatment, including patients with implanted mechanical heart valves and left ventricular assist devices.

Tecarfarin is designed as a vitamin K antagonist and is metabolized primarily through carboxylesterase 1 rather than the cytochrome P450 pathway associated with many drug interactions involving warfarin.