Canaccord Genuity Group Issues Positive Forecast for Cardiol Therapeutics (NASDAQ:CRDL) Stock Price

Cardiol Therapeutics (NASDAQ:CRDL) had its price objective increased by analysts at Canaccord Genuity Group from $8.00 to $10.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 455.56% from the company’s current price.

Several other equities analysts also recently weighed in on the stock. Wall Street Zen upgraded shares of Cardiol Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday. HC Wainwright restated a “buy” rating on shares of Cardiol Therapeutics in a research report on Tuesday, July 14th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cardiol Therapeutics in a report on Wednesday, June 24th. 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, the stock presently has a consensus rating of “Hold” and an average price target of $9.50.

Cardiol Therapeutics Stock Performance

NASDAQ CRDL opened at $1.80 on Monday. Cardiol Therapeutics has a 12-month low of $0.88 and a 12-month high of $1.82. The company has a fifty day simple moving average of $1.18 and a two-hundred day simple moving average of $1.18. The stock has a market cap of $208.60 million, a P/E ratio of -7.20 and a beta of 0.72.

Cardiol Therapeutics (NASDAQ:CRDL) last released its 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. As a group, sell-side analysts forecast that Cardiol Therapeutics will post -0.25 earnings per share for the current year.

Institutional Trading of Cardiol Therapeutics

A number of hedge funds have recently added to or reduced their stakes in CRDL. PVG Asset Management Corp increased its holdings in Cardiol Therapeutics by 10.3% in the first 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 in the last quarter. Royal Bank of Canada increased its stake in shares of Cardiol Therapeutics by 62.3% in the 1st quarter. Royal Bank of Canada now owns 21,648 shares of the company’s stock valued at $29,000 after purchasing an additional 8,306 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Cardiol Therapeutics in the 1st quarter worth about $310,000. Security National Bank of Sioux City Iowa IA purchased a new position in Cardiol Therapeutics during the fourth quarter worth approximately $31,000. Finally, Simplex Trading LLC grew its holdings in 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 purchasing an additional 15,842 shares during the period. 12.49% of the stock is owned by hedge funds and other institutional investors.

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.