Cardiol Therapeutics Inc. (NASDAQ:CRDL) Given Consensus Recommendation of “Moderate Buy” by Analysts

Cardiol Therapeutics Inc. (NASDAQ:CRDL) has received a consensus recommendation of “Moderate Buy” from the four brokerages that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation and three have issued a buy recommendation on the company. The average 12-month target price among analysts that have covered the stock in the last year is $9.50.

A number of equities analysts have recently issued reports on CRDL shares. Wall Street Zen upgraded shares of Cardiol Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. HC Wainwright restated a “buy” rating on shares of Cardiol Therapeutics in a report on Tuesday, July 14th. B. Riley Financial started coverage on Cardiol Therapeutics in a research report on Wednesday. They set a “buy” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cardiol Therapeutics in a report on Wednesday, June 24th. Finally, Canaccord Genuity Group boosted their price target on Cardiol Therapeutics from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Monday, August 17th.

Cardiol Therapeutics Stock Up 7.5%

CRDL stock opened at $2.00 on Wednesday. The firm’s fifty day simple moving average is $1.29 and its two-hundred day simple moving average is $1.23. The stock has a market capitalization of $231.78 million, a price-to-earnings ratio of -8.00 and a beta of 0.72. Cardiol Therapeutics has a twelve month low of $0.88 and a twelve month high of $2.02.

Cardiol Therapeutics (NASDAQ:CRDL) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.05. As a group, equities research analysts expect that Cardiol Therapeutics will post -0.24 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Concurrent Investment Advisors LLC purchased a new position in shares of Cardiol Therapeutics in the second quarter worth $27,000. Royal Bank of Canada increased its position 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 acquiring an additional 8,306 shares during the period. Security National Bank of Sioux City Iowa IA acquired a new position in shares of Cardiol Therapeutics in the 4th quarter valued at $31,000. Simplex Trading LLC raised its stake in Cardiol Therapeutics by 96.9% in the 4th quarter. Simplex Trading LLC now owns 32,197 shares of the company’s stock worth $31,000 after acquiring an additional 15,842 shares during the last quarter. Finally, Boyer Financial Services Inc. purchased a new position in Cardiol Therapeutics in the 4th quarter worth $33,000. 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.