Cardiol Therapeutics Inc. (NASDAQ:CRDL) Receives Average Recommendation of “Moderate Buy” from Analysts

Cardiol Therapeutics Inc. (NASDAQ:CRDL) has been given a consensus rating of “Moderate Buy” by the four ratings firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and three have given a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $10.00.

Several equities analysts have commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cardiol Therapeutics in a research report on Wednesday, June 24th. B. Riley Financial started coverage on Cardiol Therapeutics in a report on Wednesday, August 26th. They set a “buy” rating and a $11.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating on shares of Cardiol Therapeutics in a research note on Tuesday, July 14th. Canaccord Genuity Group raised their price objective on shares of Cardiol Therapeutics from $8.00 to $10.00 and gave the company a “buy” rating in a report on Monday, August 17th. Finally, Wall Street Zen upgraded shares of Cardiol Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th.

Cardiol Therapeutics Stock Performance

Shares of NASDAQ:CRDL opened at $1.88 on Friday. Cardiol Therapeutics has a 52-week low of $0.88 and a 52-week high of $2.34. The company has a market capitalization of $217.84 million, a PE ratio of -7.50 and a beta of 0.79. The company has a fifty day moving average of $1.66 and a 200-day moving average of $1.36.

Cardiol Therapeutics (NASDAQ:CRDL) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.05. On average, equities analysts forecast that Cardiol Therapeutics will post -0.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Cardiol Therapeutics

Several large investors have recently modified their holdings of CRDL. Integrity Alliance LLC. bought a new position in shares of Cardiol Therapeutics during the fourth quarter valued at $416,000. AdvisorShares Investments LLC grew its stake in shares of Cardiol Therapeutics by 7.3% in the fourth quarter. AdvisorShares Investments LLC now owns 597,977 shares of the company’s stock worth $570,000 after purchasing an additional 40,589 shares during the last quarter. Concurrent Investment Advisors LLC bought a new stake in shares of Cardiol Therapeutics in the second quarter worth $27,000. Royal Bank of Canada grew its stake in shares of Cardiol Therapeutics by 62.3% in the first quarter. Royal Bank of Canada now owns 21,648 shares of the company’s stock worth $29,000 after purchasing an additional 8,306 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Cardiol Therapeutics in the first quarter valued at $310,000. Institutional investors own 12.49% of the company’s stock.

Cardiol Therapeutics Company Profile

Cardiol Therapeutics Inc is a clinical-stage biotechnology company focused on developing anti-inflammatory therapies for diseases of the heart. The company’s research centers on the role of inflammation in cardiovascular conditions, including myocarditis and pericarditis, for which treatment options remain limited.

Cardiol’s lead investigational product is CardiolRx, an oral pharmaceutical formulation of cannabidiol designed for use in cardiovascular medicine. The product is being evaluated in clinical research involving acute myocarditis and recurrent pericarditis.