Cardiol Therapeutics Inc. (NASDAQ:CRDL) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Cardiol Therapeutics Inc. (NASDAQ:CRDL) have earned an average rating of “Moderate Buy” from the four brokerages that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $9.50.

A number of research analysts have issued reports on the company. Wall Street Zen raised Cardiol Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. B. Riley Financial started coverage on shares of Cardiol Therapeutics in a report on Wednesday. They set a “buy” rating for the company. Canaccord Genuity Group boosted their target price on shares of Cardiol Therapeutics from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, August 17th. HC Wainwright reissued a “buy” rating on shares of Cardiol Therapeutics in a report on Tuesday, July 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cardiol Therapeutics in a report on Wednesday, June 24th.

Cardiol Therapeutics Stock Performance

NASDAQ CRDL opened at $2.00 on Wednesday. The stock has a 50-day simple moving average of $1.29 and a two-hundred day simple moving average of $1.23. The firm has a market capitalization of $231.78 million, a P/E ratio of -8.00 and a beta of 0.72. Cardiol Therapeutics has a fifty-two week low of $0.88 and a fifty-two week high of $2.02.

Cardiol Therapeutics (NASDAQ:CRDL) last issued its earnings results on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.05. As a group, analysts forecast that Cardiol Therapeutics will post -0.24 earnings per share for the current year.

Hedge Funds Weigh In On Cardiol Therapeutics

A number of hedge funds have recently bought and sold shares of CRDL. Concurrent Investment Advisors LLC purchased a new stake in shares of Cardiol Therapeutics in the second quarter valued at approximately $27,000. PVG Asset Management Corp lifted its position in shares of Cardiol Therapeutics by 10.3% during the 1st quarter. PVG Asset Management Corp now owns 107,165 shares of the company’s stock valued at $145,000 after buying an additional 10,000 shares in the last quarter. Royal Bank of Canada grew its stake in Cardiol Therapeutics by 62.3% in the 1st quarter. Royal Bank of Canada now owns 21,648 shares of the company’s stock valued at $29,000 after acquiring an additional 8,306 shares during the period. Renaissance Technologies LLC acquired a new stake in Cardiol Therapeutics in the 1st quarter valued at $310,000. Finally, Security National Bank of Sioux City Iowa IA purchased a new stake in Cardiol Therapeutics in the 4th quarter worth $31,000. Hedge funds and other institutional investors own 12.49% of the company’s stock.

About Cardiol Therapeutics

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.