Cardiol Therapeutics (NASDAQ:CRDL) Announces Quarterly Earnings Results

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

Cardiol Therapeutics Stock Up 1.5%

NASDAQ:CRDL traded up $0.02 during trading hours on Wednesday, hitting $1.37. The stock had a trading volume of 443,039 shares, compared to its average volume of 529,635. The company has a current ratio of 3.89, a quick ratio of 3.89 and a debt-to-equity ratio of 0.01. Cardiol Therapeutics has a 1-year low of $0.77 and a 1-year high of $1.59. The business has a 50 day simple moving average of $1.03 and a two-hundred day simple moving average of $1.04. The company has a market cap of $153.08 million, a PE ratio of -4.59 and a beta of 1.02.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CRDL shares. upgraded shares of Cardiol Therapeutics to a “strong-buy” rating in a report on Tuesday, February 3rd. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of Cardiol Therapeutics in a research report on Tuesday, February 10th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $9.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE grew its holdings in Cardiol Therapeutics by 136.2% during the 2nd quarter. Bank of America Corp DE now owns 26,455 shares of the company’s stock valued at $36,000 after purchasing an additional 15,255 shares in the last quarter. Two Sigma Investments LP acquired a new position in Cardiol Therapeutics in the 3rd quarter worth $249,000. Virtu Financial LLC purchased a new position in Cardiol Therapeutics in the 3rd quarter valued at about $154,000. Citadel Advisors LLC boosted its position in Cardiol Therapeutics by 1,132.6% in the 3rd quarter. Citadel Advisors LLC now owns 463,462 shares of the company’s stock valued at $496,000 after buying an additional 425,862 shares during the last quarter. Finally, Susquehanna International Group LLP grew its stake in shares of Cardiol Therapeutics by 366.5% during the third quarter. Susquehanna International Group LLP now owns 93,398 shares of the company’s stock valued at $100,000 after acquiring an additional 73,375 shares in the last quarter. 12.49% of the stock is currently owned by hedge funds and other 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.