Cardiol Therapeutics (NASDAQ:CRDL) Issues Earnings Results, Beats Estimates By $0.05 EPS

Cardiol Therapeutics (NASDAQ:CRDL) issued its quarterly earnings results on Thursday. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.05, Zacks reports.

Cardiol Therapeutics Stock Up 5.3%

Shares of NASDAQ CRDL traded up $0.09 during midday trading on Friday, hitting $1.80. 1,725,533 shares of the company’s stock were exchanged, compared to its average volume of 971,333. The firm has a market capitalization of $208.60 million, a PE ratio of -7.20 and a beta of 0.72. The company’s 50 day moving average price is $1.18 and its 200 day moving average price is $1.18. Cardiol Therapeutics has a 12 month low of $0.88 and a 12 month high of $1.82.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. HC Wainwright restated a “buy” rating on shares of Cardiol Therapeutics in a report on Tuesday, July 14th. Wall Street Zen raised Cardiol Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cardiol Therapeutics in a research note on Wednesday, June 24th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Cardiol Therapeutics has an average rating of “Hold” and a consensus price target of $8.50.

Hedge Funds Weigh In On Cardiol Therapeutics

Hedge funds have recently bought and sold shares of the business. Security National Bank of Sioux City Iowa IA bought a new position in shares of Cardiol Therapeutics during the fourth quarter worth approximately $31,000. Simplex Trading LLC increased its position in Cardiol Therapeutics by 96.9% in the 4th quarter. Simplex Trading LLC now owns 32,197 shares of the company’s stock valued at $31,000 after acquiring an additional 15,842 shares during the period. Bank of America Corp DE increased its stake in shares of Cardiol Therapeutics by 136.2% in the second quarter. Bank of America Corp DE now owns 26,455 shares of the company’s stock valued at $36,000 after buying an additional 15,255 shares during the period. Susquehanna International Group LLP raised its holdings in Cardiol Therapeutics by 366.5% during the 3rd quarter. Susquehanna International Group LLP now owns 93,398 shares of the company’s stock worth $100,000 after purchasing an additional 73,375 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in Cardiol Therapeutics during the 3rd quarter worth about $154,000. 12.49% of the stock is owned by institutional investors.

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.