RedHill Biopharma Ltd. (NASDAQ:RDHL) Sees Large Decline in Short Interest

RedHill Biopharma Ltd. (NASDAQ:RDHL) was the target of a significant drop in short interest in April. As of April 15th, there was short interest totalling 741,500 shares, a drop of 18.2% from the March 31st total of 906,900 shares. Approximately 2.5% of the company’s stock are sold short. Based on an average daily trading volume, of 1,190,000 shares, the days-to-cover ratio is currently 0.6 days.

Institutional Investors Weigh In On RedHill Biopharma

A hedge fund recently bought a new stake in RedHill Biopharma stock. Sabby Management LLC purchased a new stake in RedHill Biopharma Ltd. (NASDAQ:RDHL) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 635,006 shares of the biotechnology company’s stock, valued at approximately $324,000. RedHill Biopharma comprises 0.2% of Sabby Management LLC’s holdings, making the stock its 17th largest position. Sabby Management LLC owned approximately 5.74% of RedHill Biopharma as of its most recent filing with the Securities and Exchange Commission. 7.20% of the stock is owned by institutional investors.

RedHill Biopharma Price Performance

Shares of RedHill Biopharma stock remained flat at $0.43 on Tuesday. The stock had a trading volume of 117,192 shares, compared to its average volume of 1,063,501. RedHill Biopharma has a one year low of $0.26 and a one year high of $3.28. The firm’s 50 day moving average is $0.50 and its 200-day moving average is $0.75.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on RedHill Biopharma in a research note on Friday. They issued a “hold” rating on the stock.

About RedHill Biopharma

RedHill Biopharma Ltd., a specialty biopharmaceutical company, primarily focuses on gastrointestinal and infectious diseases. The company promotes gastrointestinal drugs, including Movantik for opioid-induced constipation in adults with chronic non-cancer pain; Talicia for the treatment of Helicobacter pylori infection in adults; and Aemcolo for the treatment of travelers' diarrhea in adults.