Cardiol Therapeutics Inc. (NASDAQ:CRDL) Stock Has Consensus Target Price of $10.00

Cardiol Therapeutics Inc. (NASDAQ:CRDL) has been given an average rating of “Moderate Buy” by the four brokerages that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation and three have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $10.00.

CRDL has been the topic of a number of recent research reports. HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Cardiol Therapeutics in a research note on Wednesday, September 23rd. B. Riley Financial assumed coverage on Cardiol Therapeutics in a report on Wednesday, August 26th. They issued a “buy” rating and a $11.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cardiol Therapeutics in a research report on Monday, September 21st. Wall Street Zen raised Cardiol Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Finally, Canaccord Genuity Group increased their target price on Cardiol Therapeutics from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Monday, August 17th.

Institutional Investors Weigh In On Cardiol Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada lifted its position in Cardiol Therapeutics by 62.3% during the first 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. Concurrent Investment Advisors LLC bought a new position in Cardiol Therapeutics in the 2nd quarter valued at about $27,000. PVG Asset Management Corp increased its holdings in Cardiol Therapeutics by 10.3% in the 1st 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 period. Finally, Renaissance Technologies LLC acquired a new position in shares of Cardiol Therapeutics in the 1st quarter valued at approximately $310,000. Institutional investors own 12.49% of the company’s stock.

Cardiol Therapeutics Trading Down 5.0%

NASDAQ CRDL opened at $1.14 on Thursday. Cardiol Therapeutics has a 1-year low of $0.88 and a 1-year high of $2.34. The company has a 50 day moving average of $1.76 and a 200-day moving average of $1.42. The company has a market cap of $135.58 million, a price-to-earnings ratio of -4.56 and a beta of 0.88.

Cardiol Therapeutics (NASDAQ:CRDL) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.05. On average, equities research analysts forecast that Cardiol Therapeutics will post -0.19 earnings per share for the current year.

About Cardiol Therapeutics

Cardiol Therapeutics Inc is a Canadian clinical-stage biotechnology company focused on developing therapies for inflammatory diseases of the heart and other cardiovascular conditions. The company is headquartered in Burlington, Ontario, and its shares trade on the Nasdaq Capital Market under the symbol CRDL.

Cardiol’s lead product candidate, CardiolRx, is a pharmaceutical formulation of cannabidiol being investigated for its potential anti-inflammatory and cardioprotective properties. The company’s research has focused on conditions including acute myocarditis, an inflammation of the heart muscle, and recurrent pericarditis, an inflammatory disorder affecting the sac surrounding the heart.

Cardiol conducts clinical development activities through research and trial programs in North America and other regions.