Cadrenal Therapeutics (NASDAQ:CVKD) Shares Climb 12.4% – Here’s Why

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cadrenal Therapeutics in a report on Thursday. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $13.00.

Cadrenal Therapeutics Stock Performance

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

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

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Cadrenal Therapeutics stock. Courier Capital LLC bought a new position in shares of Cadrenal Therapeutics, Inc. (NASDAQ:CVKD) during the third quarter, according to its most recent filing with the SEC. The fund bought 39,674 shares of the company’s stock, valued at approximately $43,000. Courier Capital LLC owned 1.11% of Cadrenal Therapeutics at the end of the most recent reporting period. Hedge funds and other institutional investors own 7.92% of the company’s stock.

About Cadrenal Therapeutics

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.