Cardiol Therapeutics (NASDAQ:CRDL) Downgraded by Wall Street Zen to Sell

Wall Street Zen cut shares of Cardiol Therapeutics (NASDAQ:CRDL) from a hold rating to a sell rating in a report published on Saturday morning,Wall Street Zen reports.

Other equities analysts have also issued research reports about the stock. B. Riley Financial assumed coverage on shares of Cardiol Therapeutics in a report on Wednesday, August 26th. They issued a “buy” rating and a $11.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cardiol Therapeutics in a research report on Monday, September 21st. HC Wainwright reiterated a “buy” rating and set a $9.00 target price on shares of Cardiol Therapeutics in a report on Wednesday, September 23rd. Finally, Canaccord Genuity Group lifted their price target 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. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Cardiol Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.00.

Cardiol Therapeutics Trading Down 3.8%

Shares of NASDAQ CRDL traded down $0.04 during mid-day trading on Friday, hitting $1.00. The company had a trading volume of 451,616 shares, compared to its average volume of 585,020. The company has a market capitalization of $121.62 million, a price-to-earnings ratio of -4.17 and a beta of 1.03. Cardiol Therapeutics has a 1 year low of $0.88 and a 1 year high of $2.34. The stock’s 50-day moving average price is $1.42 and its 200-day moving average price is $1.30.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. State Street Corp bought a new stake in shares of Cardiol Therapeutics during the 3rd quarter valued at about $166,000. Cibc World Market Inc. bought a new position in shares of Cardiol Therapeutics in the third quarter worth about $55,000. Parallel Advisors LLC bought a new position in Cardiol Therapeutics in the 3rd quarter worth approximately $32,000. AIGH Capital Management LLC purchased a new position in Cardiol Therapeutics during the third quarter valued at $166,000. Finally, Concurrent Investment Advisors LLC purchased a new stake in shares of Cardiol Therapeutics in the second quarter worth about $27,000. 12.49% of the stock is owned by hedge funds and other institutional investors.

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.