Cardiol Therapeutics (NASDAQ:CRDL) Shares Down 5% – What’s Next?

Cardiol Therapeutics Inc. (NASDAQ:CRDL)’s stock price dropped 5% during mid-day trading on Wednesday. The stock traded as low as $1.13 and last traded at $1.14. Approximately 829,942 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 1,690,394 shares. The stock had previously closed at $1.20.

Wall Street Analyst Weigh In

CRDL has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Cardiol Therapeutics in a research report on Wednesday, September 23rd. B. Riley Financial began coverage on shares of Cardiol Therapeutics in a report on Wednesday, August 26th. They set a “buy” rating and a $11.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cardiol Therapeutics in a research note on Monday, September 21st. Canaccord Genuity Group upped their target price on shares of Cardiol Therapeutics from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, August 17th. Finally, Wall Street Zen upgraded shares of Cardiol Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.00.

Cardiol Therapeutics Price Performance

The business has a 50 day simple moving average of $1.76 and a 200-day simple moving average of $1.42. The stock has a market capitalization of $130.82 million, a price-to-earnings ratio of -4.40 and a beta of 0.88.

Cardiol Therapeutics (NASDAQ:CRDL) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.05. As a group, equities analysts predict that Cardiol Therapeutics Inc. will post -0.19 earnings per share for the current year.

Institutional Trading of Cardiol Therapeutics

Several hedge funds have recently bought and sold shares of the stock. Concurrent Investment Advisors LLC acquired a new position in shares of Cardiol Therapeutics in the second quarter valued at approximately $27,000. Royal Bank of Canada increased its position in shares of 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 acquiring an additional 8,306 shares in the last quarter. PVG Asset Management Corp raised its holdings 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 worth $145,000 after acquiring an additional 10,000 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in shares of Cardiol Therapeutics during the first quarter worth $310,000. 12.49% of the stock is currently owned by institutional investors and hedge funds.

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.