Cardiol Therapeutics (NASDAQ:CRDL) Issues Quarterly Earnings Results, Hits Estimates

Cardiol Therapeutics (NASDAQ:CRDL) announced its quarterly earnings results on Monday. The company reported ($0.07) EPS for the quarter, hitting analysts’ consensus estimates of ($0.07), Zacks reports.

Cardiol Therapeutics Trading Down 1.2%

NASDAQ CRDL opened at $1.32 on Tuesday. Cardiol Therapeutics has a 1-year low of $0.88 and a 1-year high of $1.71. The company has a 50 day moving average of $1.24 and a 200-day moving average of $1.10. The firm has a market cap of $147.49 million, a price-to-earnings ratio of -4.70 and a beta of 0.77.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Wall Street Zen raised Cardiol Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, April 5th. raised Cardiol Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 3rd. HC Wainwright reiterated a “buy” rating and issued a $9.00 price target on shares of Cardiol Therapeutics in a research report on Tuesday, February 10th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $8.00 price objective on shares of Cardiol Therapeutics in a report on Monday, April 6th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Cardiol Therapeutics currently has a consensus rating of “Hold” and an average price target of $8.50.

Institutional Investors Weigh In On Cardiol Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of CRDL. Bank of America Corp DE raised its position in Cardiol Therapeutics by 1,983.0% in the 3rd quarter. Bank of America Corp DE now owns 551,053 shares of the company’s stock valued at $590,000 after purchasing an additional 524,598 shares during 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 worth $496,000 after purchasing an additional 425,862 shares during the last quarter. Two Sigma Investments LP acquired a new stake in shares of Cardiol Therapeutics in the third quarter valued at $249,000. Virtu Financial LLC bought a new position in shares of Cardiol Therapeutics in the third quarter valued at about $154,000. Finally, Susquehanna International Group LLP raised its holdings in shares of Cardiol Therapeutics by 366.5% in the third quarter. Susquehanna International Group LLP now owns 93,398 shares of the company’s stock valued at $100,000 after buying an additional 73,375 shares during the last quarter. 12.49% of the stock is owned by institutional investors and hedge funds.

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.