Cardiol Therapeutics (NASDAQ:CRDL) Stock Rating Reaffirmed as Buy by HC Wainwright

Cardiol Therapeutics (NASDAQ:CRDL)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a report released on Wednesday, September 23rd, Benzinga reports. They currently have a $9.00 target price on the stock. HC Wainwright’s price target would suggest a potential upside of 443.81% from the company’s previous close.

CRDL has been the subject of several other reports. Canaccord Genuity Group raised their target price on shares of Cardiol Therapeutics from $8.00 to $10.00 and gave the company a “buy” rating in a report on Monday, August 17th. Wall Street Zen upgraded shares of Cardiol Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. B. Riley Financial initiated coverage on shares of Cardiol Therapeutics in a research note on Wednesday, August 26th. They set a “buy” rating and a $11.00 price objective for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cardiol Therapeutics in a research report on Monday, September 21st. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Cardiol Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.00.

Cardiol Therapeutics Stock Down 2.1%

NASDAQ CRDL traded down $0.04 during mid-day trading on Wednesday, hitting $1.66. The stock had a trading volume of 271,841 shares, compared to its average volume of 755,122. Cardiol Therapeutics has a 52-week low of $0.88 and a 52-week high of $2.34. The company has a market cap of $192.27 million, a price-to-earnings ratio of -6.62 and a beta of 0.79. The company has a 50 day simple moving average of $1.74 and a 200 day simple moving average of $1.40.

Cardiol Therapeutics (NASDAQ:CRDL) last posted its earnings results on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.05. As a group, equities analysts anticipate that Cardiol Therapeutics will post -0.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDL. Concurrent Investment Advisors LLC purchased a new stake in shares of Cardiol Therapeutics during the second quarter worth about $27,000. PVG Asset Management Corp lifted its stake in shares of Cardiol Therapeutics by 10.3% during 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 during the period. Royal Bank of Canada lifted its stake in shares of Cardiol Therapeutics by 62.3% during the first quarter. Royal Bank of Canada now owns 21,648 shares of the company’s stock valued at $29,000 after buying an additional 8,306 shares during the period. Renaissance Technologies LLC acquired a new stake in Cardiol Therapeutics during the first quarter worth approximately $310,000. Finally, AdvisorShares Investments LLC boosted its position in Cardiol Therapeutics by 7.3% during the fourth quarter. AdvisorShares Investments LLC now owns 597,977 shares of the company’s stock worth $570,000 after acquiring an additional 40,589 shares during the last quarter. 12.49% of the stock is currently owned by hedge funds and other institutional investors.

Cardiol Therapeutics Company Profile

Cardiol Therapeutics Inc is a clinical-stage biotechnology company focused on developing anti-inflammatory therapies for diseases of the heart. The company’s research centers on the role of inflammation in cardiovascular conditions, including myocarditis and pericarditis, for which treatment options remain limited.

Cardiol’s lead investigational product is CardiolRx, an oral pharmaceutical formulation of cannabidiol designed for use in cardiovascular medicine. The product is being evaluated in clinical research involving acute myocarditis and recurrent pericarditis.