Cadrenal Therapeutics (NASDAQ:CVKD) Stock Breaks Above 50-Day Moving Average – Here’s What Happened

Cadrenal Therapeutics, Inc. (NASDAQ:CVKD)’s stock price crossed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $1.12 and traded as high as $1.14. Cadrenal Therapeutics shares last traded at $1.13, with a volume of 55,294 shares trading hands.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Cadrenal Therapeutics in a research note on Thursday, October 15th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $13.00.

Cadrenal Therapeutics Trading Up 8.7%

The company’s 50-day moving average is $1.12 and its 200 day moving average is $3.89. The stock has a market capitalization of $4.03 million, a PE ratio of -0.23 and a beta of 1.94.

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

Institutional Investors Weigh In On Cadrenal Therapeutics

A hedge fund recently bought a new position in Cadrenal Therapeutics stock. Courier Capital LLC acquired a new stake in shares of Cadrenal Therapeutics, Inc. (NASDAQ:CVKD) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 39,674 shares of the company’s stock, valued at approximately $43,000. Courier Capital LLC owned about 1.11% of Cadrenal Therapeutics at the end of the most recent reporting period. Institutional investors own 7.92% of the company’s stock.

Cadrenal Therapeutics Company Profile

Cadrenal Therapeutics, Inc (NASDAQ: CVKD) is a clinical-stage biopharmaceutical company focused on developing therapies for patients who require long-term anticoagulation. The company’s lead product candidate is tecarfarin, an investigational oral anticoagulant designed for individuals with implanted mechanical heart valves and other mechanical circulatory support devices.

Tecarfarin is a vitamin K antagonist intended to address challenges associated with existing anticoagulant therapy, including drug interactions and changes in a patient’s metabolism.