Short Interest in Conduit Pharmaceuticals Inc. (NASDAQ:CDT) Drops By 23.2%

Conduit Pharmaceuticals Inc. (NASDAQ:CDT) saw a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 3,570,000 shares, a decrease 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.

Wall Street Analysts Forecast Growth

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

Insider Activity at Conduit Pharmaceuticals

In other Conduit Pharmaceuticals news, major shareholder Ltd Nirland sold 333,177 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $0.10, for a total value of $33,317.70. Following the transaction, the insider now directly owns 9,900,000 shares of the company’s stock, valued at approximately $990,000. This trade represents a 3.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 3,658,000 shares of company stock valued at $386,136. 34.74% of the stock is owned by insiders.

Conduit Pharmaceuticals Price Performance

Shares of NASDAQ:CDT traded down $0.01 during trading on Friday, hitting $0.09. The company had a trading volume of 10,421,775 shares, compared to its average volume of 6,945,489. The company has a fifty day simple moving average of $0.11 and a two-hundred day simple moving average of $0.90. Conduit Pharmaceuticals has a one year low of $0.08 and a one year high of $7.83.

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.