Nutriband Inc. (NASDAQ:NTRB) Short Interest Decreases 20.9% in March

Nutriband Inc. (NASDAQ:NTRB) experienced a notable drop in short interest during March. As of March 15, short interest stood at 222,300 shares, reflecting a decline of 20.9% from the 281,200 shares reported on February 28. This change corresponds to a days-to-cover ratio of 1.1 days, calculated based on an average daily trading volume of 201,300 shares. Approximately 4.4% of the company's total shares have been sold short.

Hedge Funds Engage with Nutriband

In a recent development, an institutional investor, Haven Private LLC, acquired shares in Nutriband Inc. (NASDAQ:NTRB) during the fourth quarter. According to their latest Form 13F filing with the SEC, the firm purchased 11,561 shares, totaling around $54,000. Following this purchase, Haven Private LLC holds approximately 0.10% of Nutriband's shares. Notably, hedge funds and other institutional investors collectively own 19.70% of Nutriband's stock.

Nutriband Stock Performance

As of Monday, NTRB stock opened at $6.26. The company's shares have experienced a 52-week low of $3.20 and a 52-week high of $11.78. Nutriband's quick ratio is reported at 4.83, and its current ratio stands at 4.96, while maintaining a very low debt-to-equity ratio of 0.01. Nutriband has a market capitalization of $69.52 million, a P/E ratio of -8.82, and a beta of 1.12. The company's 50-day simple moving average is $7.02, and the 200-day simple moving average is $5.85.

Analysts Update Price Targets

In another development, Noble Financial recently commenced coverage of Nutriband's shares in a research report published on January 22. They issued an "outperform" rating for the company and set a target price of $13.00.

About Nutriband

Nutriband Inc. is engaged in the development of a range of transdermal pharmaceutical products. The company's lead product currently in development is AVERSA fentanyl, designed to be an abuse-deterrent fentanyl transdermal system. This product aims to provide both clinicians and patients with an extended-release fentanyl solution suitable for managing chronic pain that requires continuous opioid therapy.

Additional Information

Investing in stocks such as Nutriband can be complex. Before making any investment decision, it is advisable to consult with financial professionals and conduct thorough research.

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