Cardiol Therapeutics (NASDAQ:CRDL) Earns Buy Rating from HC Wainwright

Cardiol Therapeutics (NASDAQ:CRDL)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a report issued on Wednesday, Benzinga reports. They currently have a $9.00 price target on the stock. HC Wainwright’s price target points to a potential upside of 380.00% from the stock’s current price.

Several other brokerages have also recently weighed in on CRDL. Wall Street Zen upgraded shares of Cardiol Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. B. Riley Financial began coverage on Cardiol Therapeutics in a report on Wednesday, August 26th. They issued a “buy” rating and a $11.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cardiol Therapeutics in a research note on Monday. Finally, Canaccord Genuity Group boosted their price objective on Cardiol Therapeutics from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, August 17th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.00.

Cardiol Therapeutics Trading Down 0.8%

Cardiol Therapeutics stock traded down $0.01 during mid-day trading on Wednesday, hitting $1.88. The company had a trading volume of 498,392 shares, compared to its average volume of 745,031. The stock’s 50 day moving average price is $1.69 and its two-hundred day moving average price is $1.37. Cardiol Therapeutics has a 12 month low of $0.88 and a 12 month high of $2.34. The company has a market capitalization of $217.84 million, a PE ratio of -7.60 and a beta of 0.79.

Cardiol Therapeutics (NASDAQ:CRDL) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.05. Equities research analysts anticipate that Cardiol Therapeutics will post -0.19 EPS for the current year.

Hedge Funds Weigh In On Cardiol Therapeutics

Several institutional investors have recently bought and sold shares of the business. Integrity Alliance LLC. purchased a new position in Cardiol Therapeutics in the fourth quarter worth about $416,000. AdvisorShares Investments LLC lifted its stake in Cardiol Therapeutics by 7.3% in the fourth quarter. AdvisorShares Investments LLC now owns 597,977 shares of the company’s stock worth $570,000 after purchasing an additional 40,589 shares during the last quarter. Concurrent Investment Advisors LLC bought a new position in shares of Cardiol Therapeutics during the second quarter valued at approximately $27,000. PVG Asset Management Corp grew its stake in shares of Cardiol Therapeutics by 10.3% during the first 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 during the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of Cardiol Therapeutics by 62.3% in the first quarter. Royal Bank of Canada now owns 21,648 shares of the company’s stock worth $29,000 after buying an additional 8,306 shares during the period. Institutional investors own 12.49% of the company’s stock.

About Cardiol Therapeutics

Cardiol Therapeutics Inc is a clinical-stage biotechnology company focused on developing anti-inflammatory therapies for diseases of the heart. The company’s research centers on the role of inflammation in cardiovascular conditions, including myocarditis and pericarditis, for which treatment options remain limited.

Cardiol’s lead investigational product is CardiolRx, an oral pharmaceutical formulation of cannabidiol designed for use in cardiovascular medicine. The product is being evaluated in clinical research involving acute myocarditis and recurrent pericarditis.