Cardiol Therapeutics (NASDAQ:CRDL) Shares Down 1% – Time to Sell?

Cardiol Therapeutics Inc. (NASDAQ:CRDL)’s share price fell 1% during trading on Tuesday . The stock traded as low as $0.9803 and last traded at $1.01. 380,261 shares were traded during trading, an increase of 10% from the average session volume of 346,273 shares. The stock had previously closed at $1.02.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CRDL shares. HC Wainwright restated a “buy” rating and issued a $9.00 price target on shares of Cardiol Therapeutics in a research report on Tuesday, February 10th. Brookline Capital Acquisition upgraded Cardiol Therapeutics to a “strong-buy” rating in a report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Cardiol Therapeutics Stock Performance

The firm has a market cap of $111.74 million, a P/E ratio of -3.33 and a beta of 1.02. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.89 and a current ratio of 3.89. The stock’s 50-day moving average is $1.01 and its 200 day moving average is $1.05.

Institutional Investors Weigh In On Cardiol Therapeutics

A number of hedge funds have recently modified their holdings of the business. Security National Bank of Sioux City Iowa IA bought a new stake in Cardiol Therapeutics during the 4th quarter worth approximately $31,000. Simplex Trading LLC boosted its holdings in shares of Cardiol Therapeutics by 96.9% in the fourth quarter. Simplex Trading LLC now owns 32,197 shares of the company’s stock valued at $31,000 after buying an additional 15,842 shares during the period. Boyer Financial Services Inc. acquired a new position in shares of Cardiol Therapeutics in the fourth quarter valued at approximately $33,000. Bank of America Corp DE increased its position in shares of Cardiol Therapeutics by 136.2% during the second quarter. Bank of America Corp DE now owns 26,455 shares of the company’s stock worth $36,000 after acquiring an additional 15,255 shares in the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new stake in shares of Cardiol Therapeutics during the second quarter worth $39,000. Institutional investors and hedge funds own 12.49% of the company’s stock.

Cardiol Therapeutics Company Profile

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.