Cardiol Therapeutics (NASDAQ:CRDL) Downgraded by Wall Street Zen to Sell

Cardiol Therapeutics (NASDAQ:CRDL) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other equities analysts have also recently issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Cardiol Therapeutics in a report on Wednesday, September 23rd. B. Riley Financial assumed coverage on Cardiol Therapeutics in a research note on Wednesday, August 26th. They issued a “buy” rating and a $11.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cardiol Therapeutics in a research report on Monday, September 21st. Finally, Canaccord Genuity Group increased their price objective on Cardiol Therapeutics from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Monday, August 17th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.00.

Cardiol Therapeutics Price Performance

NASDAQ CRDL opened at $1.00 on Friday. Cardiol Therapeutics has a twelve month low of $0.88 and a twelve month high of $2.34. The company’s 50-day simple moving average is $1.42 and its 200 day simple moving average is $1.30.

Cardiol Therapeutics (NASDAQ:CRDL) last announced its quarterly earnings results on Thursday, November 12th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). On average, equities research analysts forecast that Cardiol Therapeutics will post -0.19 EPS for the current year.

Institutional Investors Weigh In On Cardiol Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp acquired a new position in shares of Cardiol Therapeutics during the third quarter valued at $166,000. Cibc World Market Inc. bought a new position in Cardiol Therapeutics in the third quarter valued at about $55,000. Parallel Advisors LLC bought a new position in Cardiol Therapeutics in the third quarter valued at about $32,000. AIGH Capital Management LLC acquired a new stake in Cardiol Therapeutics in the third quarter worth about $166,000. Finally, Concurrent Investment Advisors LLC acquired a new stake in Cardiol Therapeutics in the second quarter worth about $27,000. Institutional investors own 12.49% of the company’s stock.

About Cardiol Therapeutics

Cardiol Therapeutics is a Canadian biotechnology company developing therapies for inflammatory heart disease and other cardiovascular conditions. Its research focuses on treatments intended to address inflammation and related damage to the heart. The company’s lead candidate, CardiolRx, is a pharmaceutical-grade cannabidiol formulation under clinical investigation for conditions including myocarditis and pericarditis. Cardiol also has CRD-38, an investigational candidate being studied for potential use in heart failure.