Zacks Investment Research Downgrades Cardiol Therapeutics (NASDAQ:CRDL) to Hold

Cardiol Therapeutics (NASDAQ:CRDL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “Cardiol Therapeutics Inc. is a clinical-stage biotechnology company. It focused on developing innovative anti-inflammatory therapies for the treatment of cardiovascular disease. The company’s lead product consist CardiolRx(TM). Cardiol Therapeutics Inc. is based in Oakville, ON. “

A number of other equities research analysts have also weighed in on the company. Raymond James boosted their target price on Cardiol Therapeutics from C$4.50 to C$5.00 and gave the company an “outperform” rating in a research note on Wednesday, August 25th. Leede Jones Gab reissued a “speculative buy” rating on shares of Cardiol Therapeutics in a research note on Tuesday, August 24th.

Shares of NASDAQ CRDL traded up $0.17 during midday trading on Thursday, reaching $2.21. The company had a trading volume of 671,720 shares, compared to its average volume of 343,402. Cardiol Therapeutics has a one year low of $1.82 and a one year high of $4.96. The company’s fifty day simple moving average is $3.41.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada bought a new position in Cardiol Therapeutics during the 3rd quarter valued at approximately $59,000. Advisor Group Holdings Inc. bought a new position in shares of Cardiol Therapeutics in the 3rd quarter worth approximately $65,000. Goldman Sachs Group Inc. bought a new position in shares of Cardiol Therapeutics in the 3rd quarter worth approximately $79,000. Marble Harbor Investment Counsel LLC bought a new position in shares of Cardiol Therapeutics in the 3rd quarter worth approximately $91,000. Finally, Morgan Stanley bought a new position in shares of Cardiol Therapeutics in the 3rd quarter worth approximately $112,000.

Cardiol Therapeutics Company Profile

Cardiol Therapeutics Inc is a clinical-stage biotechnology company that focuses on the research and clinical development of anti-inflammatory therapies for the treatment of cardiovascular disease (CVD). Its product, CardiolRx, is a pharmaceutically produced extra strength oral cannabidiol formulation that is entering a Phase II/III outcomes study in hospitalized patients testing positive for the COVID-19 virus.

Further Reading: Straddles

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