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

Conduit Pharmaceuticals Inc. (NASDAQ:CDT) saw a significant increase in short interest in March. As of March 15th, there was short interest totalling 751,400 shares, an increase of 66.6% from the February 28th total of 451,100 shares. Based on an average daily volume of 3,460,000 shares, the days-to-cover ratio is presently 0.2 days. Approximately 105.8% of the company’s shares are short sold.

Hedge Funds Weigh In On Conduit Pharmaceuticals

A number of institutional investors have recently bought and sold shares of the business. Rhumbline Advisers boosted its position in Conduit Pharmaceuticals by 5,034.0% during the fourth quarter. Rhumbline Advisers now owns 1,028,702 shares of the company’s stock worth $71,000 after purchasing an additional 1,008,665 shares during the period. Geode Capital Management LLC lifted its stake in shares of Conduit Pharmaceuticals by 36.8% during the 4th quarter. Geode Capital Management LLC now owns 584,984 shares of the company’s stock worth $40,000 after buying an additional 157,307 shares during the last quarter. Barclays PLC boosted its holdings in shares of Conduit Pharmaceuticals by 6.5% during the 4th quarter. Barclays PLC now owns 892,350 shares of the company’s stock worth $61,000 after buying an additional 54,523 shares during the period. Finally, Citadel Advisors LLC grew its stake in Conduit Pharmaceuticals by 177.0% in the 4th quarter. Citadel Advisors LLC now owns 526,268 shares of the company’s stock valued at $36,000 after buying an additional 336,278 shares during the last quarter. Institutional investors and hedge funds own 3.29% of the company’s stock.

Conduit Pharmaceuticals Price Performance

CDT stock traded down $0.07 during trading hours on Monday, reaching $0.82. 6,587,897 shares of the stock were exchanged, compared to its average volume of 1,045,319. The firm’s 50-day moving average is $1.90 and its 200-day moving average is $7.02. Conduit Pharmaceuticals has a 12 month low of $0.73 and a 12 month high of $379.00.

Conduit Pharmaceuticals (NASDAQ:CDT) last announced its earnings results on Friday, March 28th. The company reported ($20.33) 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.