Cardiol Therapeutics (NASDAQ:CRDL) Rating Lowered to Sell at Wall Street Zen

Cardiol Therapeutics (NASDAQ:CRDL) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday, Wall Street Zen reports.

Several other analysts also recently weighed in on CRDL. Canaccord Genuity Group increased their target price on Cardiol Therapeutics from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, August 17th. 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 for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Cardiol Therapeutics in a research report on Monday, September 21st. Finally, HC Wainwright restated a “buy” rating and issued a $9.00 price objective on shares of Cardiol Therapeutics in a research note on Wednesday, September 23rd. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cardiol Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $10.00.

Cardiol Therapeutics Price Performance

Cardiol Therapeutics stock opened at $1.00 on Friday. Cardiol Therapeutics has a fifty-two week low of $0.88 and a fifty-two week high of $2.34. The firm has a fifty day moving average price of $1.42 and a two-hundred day moving average price of $1.30.

Cardiol Therapeutics (NASDAQ:CRDL) last issued its quarterly earnings results on Thursday, November 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.02). Analysts forecast that Cardiol Therapeutics will post -0.19 EPS for the current fiscal year.

Institutional Trading of Cardiol Therapeutics

Hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC bought a new stake in shares of Cardiol Therapeutics during the first quarter valued at approximately $310,000. PVG Asset Management Corp lifted its position in Cardiol Therapeutics by 10.3% in the first quarter. PVG Asset Management Corp now owns 107,165 shares of the company’s stock worth $145,000 after purchasing an additional 10,000 shares during the period. AIGH Capital Management LLC bought a new position in Cardiol Therapeutics in the third quarter worth $166,000. State Street Corp bought a new position in Cardiol Therapeutics in the third quarter worth $166,000. Finally, Cibc World Market Inc. acquired a new stake in Cardiol Therapeutics during the third quarter worth $55,000. Institutional investors own 12.49% of the company’s stock.

Cardiol Therapeutics Company Profile

Cardiol Therapeutics is a Canadian biotechnology company developing therapies for inflammatory heart disease and other cardiovascular conditions. Its research focuses on treatments intended to address inflammation and related damage to the heart. The company’s lead candidate, CardiolRx, is a pharmaceutical-grade cannabidiol formulation under clinical investigation for conditions including myocarditis and pericarditis. Cardiol also has CRD-38, an investigational candidate being studied for potential use in heart failure.