Insider Buying: Robert Y. Iv Newell Buys 10,000 Shares of Cardica Stock (CRDC)
Cardica (NASDAQ:CRDC) CFO Robert Y. Iv Newell purchased 10,000 shares of Cardica stock on the open market in a transaction dated Thursday, May 22nd. The stock was purchased at an average price of $0.95 per share, with a total value of $9,500.00. Following the completion of the acquisition, the chief financial officer now directly owns 26,000 shares in the company, valued at approximately $24,700. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Separately, analysts at Craig Hallum initiated coverage on shares of Cardica in a research note on Monday, May 12th. They set a “buy” rating and a $2.50 price target on the stock.
Cardica (NASDAQ:CRDC) traded up 1.22% on Thursday, hitting $0.94. 31,835 shares of the company’s stock traded hands. Cardica has a one year low of $0.82 and a one year high of $1.61. The stock has a 50-day moving average of $0.98 and a 200-day moving average of $1.07. The company’s market cap is $83.6 million. Cardica also was the target of a large decline in short interest during the month of April. As of April 30th, there was short interest totalling 263,020 shares, a decline of 55.1% from the April 15th total of 585,924 shares. Approximately 0.7% of the shares of the stock are short sold. Based on an average daily volume of 553,611 shares, the short-interest ratio is presently 0.5 days.
Cardica, Incdesigns, manufactures and markets automated anastomotic systems used by surgeons to perform anastomoses during on- or off-pump coronary artery bypass grafting (NASDAQ:CRDC) procedures.
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