Canaccord Genuity Group Issues Positive Forecast for Cardiol Therapeutics (NASDAQ:CRDL) Stock Price

Cardiol Therapeutics (NASDAQ:CRDL) had its target price increased by analysts at Canaccord Genuity Group from $8.00 to $10.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 455.56% from the stock’s previous close.

CRDL has been the subject of several other research reports. HC Wainwright reaffirmed a “buy” rating on shares of Cardiol Therapeutics in a report on Tuesday, July 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cardiol Therapeutics in a research note on Wednesday, June 24th. Finally, Wall Street Zen raised Cardiol Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Cardiol Therapeutics presently has a consensus rating of “Hold” and a consensus price target of $9.50.

Cardiol Therapeutics Price Performance

NASDAQ CRDL opened at $1.80 on Monday. The stock’s 50 day simple moving average is $1.18 and its 200-day simple moving average is $1.18. The company has a market cap of $208.60 million, a PE ratio of -7.20 and a beta of 0.72. Cardiol Therapeutics has a 1-year low of $0.88 and a 1-year high of $1.82.

Cardiol Therapeutics (NASDAQ:CRDL) last released its earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.05. On average, equities research analysts anticipate that Cardiol Therapeutics will post -0.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Cardiol Therapeutics

Several large investors have recently modified their holdings of CRDL. Royal Bank of Canada grew its holdings in shares of Cardiol Therapeutics by 62.3% during the 1st 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 period. Bank of America Corp DE lifted its position in 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 last quarter. Simplex Trading LLC boosted its stake in Cardiol Therapeutics by 96.9% during the fourth quarter. Simplex Trading LLC now owns 32,197 shares of the company’s stock worth $31,000 after buying an additional 15,842 shares during the period. Security National Bank of Sioux City Iowa IA acquired a new stake in shares of Cardiol Therapeutics during the fourth quarter valued at about $31,000. Finally, Boyer Financial Services Inc. purchased a new stake in shares of Cardiol Therapeutics in the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 12.49% of the company’s stock.

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.