Cardiol Therapeutics (NASDAQ:CRDL) Posts Earnings Results, Beats Estimates By $0.05 EPS

Cardiol Therapeutics (NASDAQ:CRDL) issued its quarterly earnings data on Wednesday. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.05, Zacks reports.

Cardiol Therapeutics Stock Up 9.5%

CRDL stock traded up $0.14 during midday trading on Thursday, hitting $1.67. The company’s stock had a trading volume of 618,127 shares, compared to its average volume of 596,671. Cardiol Therapeutics has a 1 year low of $0.88 and a 1 year high of $1.71. The stock’s 50-day moving average price is $1.15 and its 200 day moving average price is $1.17. The stock has a market cap of $192.96 million, a price-to-earnings ratio of -5.95 and a beta of 0.72.

Institutional Trading of Cardiol Therapeutics

A number of institutional investors have recently made changes to their positions in CRDL. Bank of America Corp DE lifted its stake in shares of Cardiol Therapeutics by 1,983.0% during the 3rd quarter. Bank of America Corp DE now owns 551,053 shares of the company’s stock valued at $590,000 after buying an additional 524,598 shares in the last quarter. Citadel Advisors LLC grew its holdings in shares of Cardiol Therapeutics by 1,132.6% during the third quarter. Citadel Advisors LLC now owns 463,462 shares of the company’s stock valued at $496,000 after buying an additional 425,862 shares during the last quarter. Two Sigma Investments LP purchased a new stake in Cardiol Therapeutics in the third quarter valued at approximately $249,000. Virtu Financial LLC acquired a new position in shares of Cardiol Therapeutics in the 3rd quarter valued at $154,000. Finally, Susquehanna International Group LLP increased its holdings in Cardiol Therapeutics by 366.5% in the 3rd quarter. Susquehanna International Group LLP now owns 93,398 shares of the company’s stock worth $100,000 after acquiring an additional 73,375 shares in the last quarter. Hedge funds and other institutional investors own 12.49% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Cardiol Therapeutics in a report on Wednesday, June 24th. HC Wainwright reissued a “buy” rating on shares of Cardiol Therapeutics in a research report on Tuesday, July 14th. Finally, Wall Street Zen downgraded Cardiol Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $8.50.

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.