Cardiol Therapeutics (NASDAQ:CRDL) Stock Price Down 0.9% – Here’s Why

Cardiol Therapeutics Inc. (NASDAQ:CRDL) shares fell 0.9% during trading on Tuesday . The stock traded as low as $1.05 and last traded at $1.05. 218,350 shares changed hands during trading, a decline of 36% from the average daily volume of 342,726 shares. The stock had previously closed at $1.06.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Canaccord Genuity Group reiterated a “buy” rating and set a $8.00 target price on shares of Cardiol Therapeutics in a research report on Monday, April 6th. Wall Street Zen downgraded shares of Cardiol Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $8.50.

Cardiol Therapeutics Price Performance

The firm’s 50-day simple moving average is $1.26 and its 200 day simple moving average is $1.13. The firm has a market capitalization of $119.86 million, a price-to-earnings ratio of -3.71 and a beta of 0.72.

Cardiol Therapeutics (NASDAQ:CRDL) last issued its earnings results on Monday, May 11th. The company reported ($0.07) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.07). As a group, research analysts predict that Cardiol Therapeutics Inc. will post -0.31 earnings per share for the current year.

Institutional Trading of Cardiol Therapeutics

Several large investors have recently bought and sold shares of CRDL. Tejara Capital Ltd increased its position in Cardiol Therapeutics by 95.1% during the 4th quarter. Tejara Capital Ltd now owns 5,130,122 shares of the company’s stock worth $4,893,000 after purchasing an additional 2,500,000 shares in the last quarter. Integrity Alliance LLC. acquired a new position in shares of Cardiol Therapeutics during the fourth quarter worth $416,000. Boyer Financial Services Inc. acquired a new stake in shares of Cardiol Therapeutics during the 4th quarter valued at $33,000. Security National Bank of Sioux City Iowa IA bought a new stake in Cardiol Therapeutics during the 4th quarter worth $31,000. Finally, Simplex Trading LLC increased its holdings in Cardiol Therapeutics by 96.9% in the 4th quarter. Simplex Trading LLC now owns 32,197 shares of the company’s stock worth $31,000 after purchasing an additional 15,842 shares in the last quarter. 12.49% of the stock is owned by institutional investors and hedge funds.

Cardiol Therapeutics Company Profile

Cardiol Therapeutics Inc (NASDAQ: CRDL) is a clinical-stage pharmaceutical company dedicated to developing immunomodulatory treatments for patients with cardiovascular disease. The company’s lead asset, CardiolRx, is a proprietary, pharmaceutical-grade cannabidiol (CBD) formulation designed to target the inflammation and oxidative stress underlying conditions such as acute myocardial injury and heart failure. Cardiol holds exclusive global rights to CardiolRx through a licensing partnership and is advancing additional preclinical programs focused on small-molecule immunotherapies for heart disease.

CardiolRx is formulated for oral administration and has been evaluated in a randomized, placebo-controlled Phase 2 myocardial protection study assessing safety and key biomarkers following acute coronary syndromes.