Rodman & Renshaw Initiates Coverage on Adial Pharmaceuticals (NASDAQ:ADIL)

Rodman & Renshaw assumed coverage on shares of Adial Pharmaceuticals (NASDAQ:ADIL) in a research report released on Thursday, Marketbeat reports. The brokerage issued a buy rating and a $8.00 price target on the stock.

Adial Pharmaceuticals Price Performance

NASDAQ:ADIL opened at $1.06 on Thursday. Adial Pharmaceuticals has a 12-month low of $0.77 and a 12-month high of $4.17. The stock’s 50 day simple moving average is $1.03 and its 200-day simple moving average is $1.13.

Hedge Funds Weigh In On Adial Pharmaceuticals

A hedge fund recently bought a new stake in Adial Pharmaceuticals stock. Virtu Financial LLC purchased a new position in shares of Adial Pharmaceuticals, Inc. (NASDAQ:ADIL) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 20,469 shares of the company’s stock, valued at approximately $27,000. Virtu Financial LLC owned 0.48% of Adial Pharmaceuticals as of its most recent SEC filing. 16.41% of the stock is owned by hedge funds and other institutional investors.

Adial Pharmaceuticals Company Profile

Adial Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment or prevention of addiction and related disorders. Its lead product is AD04, a serotonin-3 antagonist, which is in Phase III clinical trial for the treatment of alcohol use disorder.