Cardiol Therapeutics (NASDAQ:CRDL) Posts Quarterly Earnings Results, Meets Expectations

Cardiol Therapeutics (NASDAQ:CRDL) announced its quarterly earnings results on Monday. The company reported ($0.07) earnings per share for the quarter, meeting the consensus estimate of ($0.07), Zacks reports.

Cardiol Therapeutics Stock Performance

Shares of Cardiol Therapeutics stock traded up $0.02 on Monday, hitting $1.34. 371,117 shares of the company’s stock were exchanged, compared to its average volume of 577,583. The company has a 50-day simple moving average of $1.24 and a 200-day simple moving average of $1.10. The stock has a market capitalization of $149.28 million, a PE ratio of -4.77 and a beta of 0.77. Cardiol Therapeutics has a 1 year low of $0.88 and a 1 year high of $1.71.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CRDL. Bank of America Corp DE boosted its stake in shares of Cardiol Therapeutics by 136.2% during the 2nd quarter. Bank of America Corp DE now owns 26,455 shares of the company’s stock worth $36,000 after acquiring an additional 15,255 shares during the last quarter. Two Sigma Investments LP purchased a new position in shares of Cardiol Therapeutics during the 3rd quarter worth $249,000. Virtu Financial LLC purchased a new position in shares of Cardiol Therapeutics during the 3rd quarter worth $154,000. Citadel Advisors LLC boosted its stake in shares of Cardiol Therapeutics by 1,132.6% during the 3rd quarter. Citadel Advisors LLC now owns 463,462 shares of the company’s stock worth $496,000 after acquiring an additional 425,862 shares during the last quarter. Finally, Susquehanna International Group LLP boosted its stake in shares of Cardiol Therapeutics by 366.5% during the 3rd quarter. Susquehanna International Group LLP now owns 93,398 shares of the company’s stock worth $100,000 after acquiring an additional 73,375 shares during the last quarter. Hedge funds and other institutional investors own 12.49% of the company’s stock.

Cardiol Therapeutics Company Profile

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.